State spending on strategic industries to surge 43% next year
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LS Group Chairman Koo Ja-eun (center) and LS Electric Chairman Koo Ja-kyun (fifth from left) pose for a photo with Gulf Cooperation Council members. (From right) The list includes, from right, Ambassador of Kuwait to Korea Deyab Farhan Al Rashidi, Ambassador of the Sultanate of Oman to Korea Zakariya Hamed Hilal Al Saadi, Ambassador of Qatar to Korea Khalid Ibrahim Al-Hamar, Ambassador of Saudi Arabia to Korea Sami M. Alsadhan and Ambassador of the United Arab Emirates to Korea Abdulla Saif Al-Nuaimi. (LS Group)
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LS Group said its Chairman Koo Ja-eun discussed business cooperation on Tuesday with the ambassadors of Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — five of the six member countries of the Gulf Cooperation Council.
The GCC is a regional, intergovernmental, political and economic union of the above countries plus Bahrain, which does not have an embassy in South Korea. Set up in 1981 for economic and security cooperation, the GCC is seeking to expand business beyond crude oil supply to manufacturing and renewable energy.
LS Group said it invited the five ambassadors to the LS headquarters in Yongsan, Seoul, to discuss its smart factory solution, ultrahigh voltage subsea cables and solar power technology that could help the GCC upgrade its manufacturing sector, build a power infrastructure and shift to renewable energy.
Noting that LS has led major power infrastructure projects in the GCC countries and is recognized as a trustworthy partner by its clients in the GCC, Koo expressed hopes to take part in the GCC’s future projects to build smart cities and diversify energy sources to eco-friendly ones, LS Group said in a statement.
LS Group operates four branches of mainly LS Cable & System as well as LS Electric and E1 in GCC countries. LS Cable is the No. 1 power cable supplier in the Middle East.
Ambassador Abdulla Saif Al Nuaimi of the UAE, Ambassador Zakariya Hamed Hilal Al-Saadi of Oman, Ambassador Sami M. Alsadhan of Saudi Arabia, Ambassador Khalid Ebrahim Al-Hamar of Qatar and Ambassador Deyab Farhan Al Rashidi of Kuwait met with Koo as well as LS Electric Chairman Koo Ja-kyun, LS Cable CEO Koo Bon-kyu and other top executives.
By Kim So-hyun (sophie@heraldcorp.com)