Minister of Industry (Menperin) Agung Gumiwang Kartasasmita inaugurated the cable factory owned by PT LSAG Cable Indonesia on January 26th, 2022. PT LSAG Cable Indonesia is a joint venture between LS Cable & Systems, South Korea, and PT. Artha Metal Sinergi Indonesia (member of Artha Graha Network) which plant is located in the Artha Industrial Hill, Karawang, West Java. The investment value in establishing PT LSAG Cable is USD 75 million, which is divided into three development phases. This investment was launched at the 2018 Indonesia-Korea Business and Investment Forum on September 10th, 2018, in South Korea, and was attended by Indonesian President Joko Widodo (Jokowi).

The inauguration ceremony for the PT LSAG Cable Indonesia factory was attended by the Ambassador of the Republic of Korea to Indonesia Park Taesung, Minister of Investment of the Republic of Indonesia Bahlil Lahdalia, Minister of Energy and Mineral Resources of the Republic of Indonesia Arifin Tasrif, Minister of State-Owned Enterprises of the Republic of Indonesia Erick Tohir, and several business partners from both within and outside the country. The establishment of this factory shows the competitiveness of the development of the cable industry in Indonesia.

The Ministry of Industry is determined to create independence for domestic industry, including in the cable industry sector. This is in accordance with President Joko Widodo’s (Jokowi) direction, that the development of the downstream industrial sector should be accelerated through accelerating industrial downstream programs while reducing exports of raw materials. The plant aims to achieve an 80% Domestic Component Level (TKDN) value for cable products, supporting domestic industry independence, encouraging import substitution, and generating USD 100 million in annual sales by 2025.