S. Korean industrial giant LS Group to deepen cooperation with Wuxi

Senior executives from LS Group meet with government officials of Wuxi, Jiangsu province. [Photo/WeChat account: xinwu_wx]

Executives from LS Group, a leading manufacturer in electric power and automation in South Korea, visited Wuxi in East China's Jiangsu province on Dec 6 to explore opportunities for further collaboration.

Koo Ja-eun, chairman of LS Group, highlighted Wuxi's significance as a crucial partner for LS Group in China. He pledged to intensify investments and expand cooperation across various sectors in Wuxi, adding that the group will actively contribute to the local community and assume greater social responsibility.

Koo also expressed gratitude for Wuxi's steadfast support throughout the years and acknowledged the city's economic vitality and favorable business environment.

Du Xiaogang, Party secretary of Wuxi, underlined the importance of South Korea as Wuxi's largest trading partner and a key source of foreign investment. He assured continued support and efficient government services for LS Group's development.

LS Group has been a longstanding contributor to Wuxi's economic landscape since it established an industrial park in the Wuxi National Hi-tech District, or Xinwu district, in 2004 with an investment of $150 million. The park achieved sales revenue of nearly 20 billion yuan ($2.8 billion) last year.

In May, Xinwu district and LS Group further solidified their collaboration by signing agreements for a series of high-quality projects. The group is now planning to invest $100 million to construct the second phase of its industrial park.