LS Cable & System lays the first stone in Querétaro

QUERETARO - South Korean technology companies, LS Cable & System Mexico and LS EV Mexico, laid the first stone of two plants to be installed in Queretaro. Both will have an investment of US$100 million and will generate more than 500 highly specialized jobs.

Bon Kyu Koo, CEO of LS Cable & System, said that this plant in Mexico will be a production base for the boost duct and battery components businesses. The company's project will be developed until 2027.

According to the company's CEO, booster conductors are used to efficiently distribute electricity in large power systems. These are supplied to battery, electric vehicle and semiconductor factories. As well as high-rise buildings and data centers.

One of the expectations with the installation of these plants is that the market for reinforcement ducts will grow rapidly due to the expansion of the data center market.

Mauricio Kuri Gonzalez, Governor of Queretaro, assured that the injection of capital from South Korea will provide the state-of-the-art technology produced by the country's companies.

He emphasized that Korea is the eighth country with the largest investment in Mexico. It is also Queretaro's fourth largest trading partner with data from the first quarter of 2024.

"We need exemplary companies for the country, highly profitable and, of course, highly human," he stated.

Marco Antonio Del Prete Tercero, Secretary of Sustainable Development (SEDESU), emphasized that the first plant will hire local talent to participate in the manufacture of different types of cables such as submarine, automotive and fiber optic.

The second, which will operate as a subsidiary of LS EV, will produce energy storage components for vehicles. It will also produce batteries for electric cars and energy storage systems in general.