Taihan Cable & Solution is continuing its steps to secure competitiveness in Africa.
Taihan Cable & Solution announced on Nov. 2 that the South African Ambassador to Korea visited Hoban Park (located in Umyeon-dong, Seocho-gu) on Nov. 1 and discussed ways to expand its business in South Africa.
At this event about 10 key officials including Ambassador Zenani N. Dlamini of South Africa to Korea, Economic Counselor Seema Sardha of South African Embassy in Korea, Chairman Kim Seon-kyu of Hoban Group, President Na Hyoung-kyun of Taihan Cable & Solution, and Executive Vice President Kim Min-seong of Hoban Industries attended.
The meeting lasted for about an hour and a half, and the main content was the facility investment plan of M-TEC, a South African production corporation of Taihan Cable & Solution, and the opportunities and plans for Hoban Group's business expansion through it.
M-Tech held a regular board of directors meeting on Oct. 11 and decided to invest in new cable production facilities. The plan is to expand production facilities for MV/LV (medium and low voltage) cables, which account for about 90% of South Africa's underground power market.
Ambassador Delamini said, “We express our gratitude for strengthening local technology and facility capabilities in South Africa through additional investment in M-Tech.” “As the government is concentrating on energy and power infrastructure expansion, it is expected to be a great opportunity for the group.”
In fact, on July 25, President Cyril Ramaphosa of South Africa announced a major countermeasure against the energy crisis through a special address to the public. It is expected that the demand for the power grid will continue to expand as it improves the functions of Eskom, a state-owned power company, while increasing private power generation and accelerating the transition to renewable energy.
President Na Hyoung-kyun of Taihan Cable & Solution emphasized, “South Africa is Korea’s largest trading partner in Africa, a country that Taihan Cable & Solution has considered important since the early 2000s to advance into Africa. Through this, we will contribute to the stabilization of electricity supply in South Africa and at the same time increase our competitiveness in Africa.”