Construction of a Fiber Optic Cable Factory in Kuwait Industrial Complex
[Asia Economy Reporter Kim Pyeonghwa] Taihan Electric Wire is localizing production in Kuwait to expand its optical cable business in the Middle East region.
On the 29th (local time), Taihan Electric Wire held a groundbreaking ceremony for the 'Taihan Kuwait' factory in Kuwait. The ceremony was attended by government agencies such as the Kuwait Direct Investment Promotion Authority (KDIPA), Public Authority for Industry (PAI), Ministry of Electricity and Water (MEW), as well as representatives from Kuwait National Petroleum Company (KNPC) and telecommunications company Zain. Ambassador Jeong Byeongha to Kuwait and Lee Hyeongseok, head of the Korea Trade-Investment Promotion Agency (KOTRA) trade office, also attended.
Kim Seongyu, chairman of Hoban Group, and Na Hyeonggyun, president of Taihan Electric Wire, also attended the groundbreaking ceremony. Prior to the ceremony, Kim, Na, and other Hoban Group officials visited the factory site to check the progress schedule and encourage on-site staff.
Key officials attending the groundbreaking ceremony of the Korea-Kuwait factory are taking a commemorative photo. / [Photo by Daehan Jeonseon]
Taihan Kuwait is Kuwait's first optical cable manufacturing corporation, established in 2021. It is a joint investment between Taihan Electric Wire and the local construction and trading company Rank. The Taihan Kuwait factory is located on a 5,000㎡ (approximately 1,500 pyeong) site within the Mina Abdullah Industrial Area southeast of Kuwait City. Factory design approval, construction permits, and major equipment orders have been completed. Taihan Electric Wire expects the factory to be completed and sales to be realized in the second half of the year.
Taihan Electric Wire initiated this project anticipating increased demand for information and communication technology in the Middle East. The company plans to secure the Kuwaiti optical cable market and increase local business opportunities through infrastructure expansion. Utilizing its sales network that has supplied cables across the Middle East for over 50 years, it will expand the market to neighboring Gulf Cooperation Council (GCC) countries such as Saudi Arabia and Qatar.
President Na said, “Producing optical cables in Kuwait will equip us to actively respond to the rapidly increasing demand for optical cables driven by smart cities and the 4th industrial revolution,” adding, “We will expand our market dominance by aggressively conducting sales with the price and order competitiveness secured through production localization.”
Meanwhile, after the Taihan Kuwait factory groundbreaking ceremony, Hoban Group executives will move to Saudi Arabia to strengthen global partnerships. After attending 'In-Kingdom Total Value Add (IKTVA) 2023' hosted by Saudi Aramco, the state-owned oil company, they will discuss investment and business expansion plans with 'Mohammed Al-Ojaimi Group,' a partner of the Saudi joint venture. They will also visit Saudi Taihan, a power equipment manufacturing corporation, to consider establishing an ultra-high voltage cable manufacturing corporation.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
