January 3^rd, Cha-Yub Koo, Chairman of LS Cable & System is giving a commemorative speech at the ‘Vision 2030 Proclamation Ceremony’ held in LS Tower, Anyang-si, Gyeonggi-do.


■ Achieve balanced growth across the globe, instead of being focused on Asia
■ Innovate business model from being a manufacturing company to a solutions company 
■ Foster new businesses, enhance digital-based productivity, innovate corporate culture


On January 3, LS Cable & System (President & CEO Roe-hyun Myung) proclaimed its 2030 Vision and will now take a leap to become a ‘cable solution global leader’.
 
This stands for the collective will of the company to establish a foothold as a true global company known beyond Asia. Key to this ambition is that the company will innovate its business model from being a cable manufacturer to one that provides power and communication cable solutions.
 
Chayup Koo, Chairman of LS C& S, said “Vision 2030 is a compass to lead the next decade of LS C&S. In order to change successfully, preparations need to be made thoroughly based on an active and autonomous corporate culture.”
 
Price competition is becoming fierce, as all countries are reinforcing policies to protect their domestic companies, and the technological gaps between the established and late starters are becoming narrower. Meanwhile, the company explained that it announced a new vision for change and challenge, as factors including new renewable energy development, 4^th industrial revolution technologies, 5G network establishment, and the expansion of power and communication infrastructure due to industrialization and urbanization of developing countries may present significant opportunities for growth.
 
LS C&S will overcome its business structure where more than 90% of sales come from Asia and Middle East markets to seek balanced growth across the globe. In order to achieve this goal, the company will expand its investments focusing on Europe, the Americas, Africa, and Latin America, and increase its overseas bases such as production and sales subsidiaries by almost double, from 23 to 40.
 
The business model will also be innovated, focusing on high value-added services. Instead of just selling cable products, the company will provide total services required for establishing power and communications networks such as engineering, construction, maintenance, and consulting. Furthermore, new businesses will be fostered such as automobile components, and continuous consideration given to entering renewable energy industries, such as wind and photovoltaic power.
                                                             
LS C&S will also aim to enhance digital-based productivity across its entire business. Development time will be reduced through digital platforms, and big data will be utilized to analyze consumers’ usage patterns and provide customized services.
 
In order to achieve these goals, the corporate culture will also be innovated. The company will establish an autonomous and responsible management system that will be driven by each business division, so that each may make decisions rapidly and take the lead in execution. Furthermore, the entire company will fulfill its role as a corporate citizen through fair corporate management and continuous social contribution activities.