Korean company LS Cable & System and its Mexican subsidiary LS EV México broke ground on two plants in the central state of Querétaro.
The new facilities will require an investment totaling US $100 million and will create 500 specialized jobs in manufacturing over the next three years.
LS Cable & System is one of the world’s largest cable producers, manufacturing products for power and telecommunications systems, integrated modules and other related industrial materials.
Querétaro Governor Mauricio Kuri González, who participated in the groundbreaking ceremony, celebrated the company’s investment and the cutting-edge technology it will bring to the state.
According to Marco Antonio Del Prete Tercero, head of Querétaro’s Sustainable Development Ministry (Sedesu), LS Cable’s plant will manufacture cables for use in submarine, automotive and optical fiber systems. Meanwhile, LS EV México’s plant will focus on manufacturing energy storage components, systems and batteries for electric vehicles.
LS Cable & System CEO Bon Kyu Koo said that the company is expanding its business to play a leading role in the era of electrification. The plants, he said, will be an important production base for the battery components industry and boost duct industry.
Regarding the boost duct industry, Kyu Koo explained LS Cable & System supplies parts to EV, battery and semiconductor manufacturers as well as high-rise buildings and data centers. The industry is expected to rapidly grow, Koo said, due to the expansion of the data center market.
In his speech, Del Prete added that producing components for EVs contributes to the state’s decarbonization goals. In keeping with this purpose, he’s committed to educating local talent. The Polytechnic University of Querétaro and the Polytechnic University of Santa Rosa Jáuregui are now equipped with training and research laboratories to manage and maintain electric batteries in electromobility, embedded systems and software.
According to Governor Kuri, South Korea is Querétaro’s eighth top trading partner.
As per data from the Economy Ministry (SE), exports from Querétaro to South Korea in 2023 were worth $28.7 million, while imports from South Korea to Querétaro totaled $917 million.
With reports from El Economista, Reporte Índigo and Mexico Industry
