South Korean companies LG Cable and LG Industrial Systems signed a memorandum of understanding with the Wuxi government to create a 330,000 square meter production and sales base in Jiangsu province. LG Cable plans to invest US$6 million to set up LG Cable Wuxi, scheduled to begin production of automotive wire in April 2004. Investment in production lines for other types of cable is also planned. LG Industrial plans to invest US$13 million by 2006 to set up an automated equipment production and sales company in Wuxi with production slated to begin by June 2005.