By Publisher Lee Kyung-sik
The Taihan Cable & Solution Co., Ltd. (CEO Na Hyung-gyun) announced on November 13, 2022 that the company leaders had met with Minister Khalid A. AlFalih of Investment of Saudi Arabia, who was visiting Korea on the afternoon of the November 11 to discuss the company’s plans for investment and business expansion in Saudi Arabia.
According to Public Relations Manager Park Bo-ra of Taihan (010-8849-7378), Minister Al-Faleh visited Korea to commemorate the 60th anniversary of diplomatic relations between Korea and Saudi Arabia.
The attendees at the meeting included Minister Al-Faleh; CEO Mahdi N. AlDosary of Saudi Electricity Project Development Co. (PDC) of the Saudi Electricity Authority; Director Hesham AlMasaud of the Korea Office of the Saudi Ministry of Investment; and Chairman Kim Seon-kyu of Hoban Group together with CEO Na Hyung-gyun of the Taihan Electric Wire, Vice President Kim Yun-su, and Vice President Min-seong Kim of the Hoban Industrial Executive, and other officials from both sides.
The two sides exchanged views and opinions on mid- to long-term business expansion plans in Saudi Arabia, including the Saudi extra-high voltage cable production that Taihan Electric Wire is promoting.
Earlier, on the 26th of last month, after the two sides signed an investment agreement for a Saudi extra-high voltage cable production corporation at the ‘Future Investment Initiative (FII) Forum’ hosted by the Saudi Ministry of Investment in Riyadh, they had a meeting to discuss the business in detail.
Minister Al-Faleh also explained the current global supply chain recovery initiative, and said, “We expect that Taihan Electric Wire, which has built a significant part of Saudi Arabia’s power grid infrastructure, will play an important role in leaping into a supply chain hub through this investment in the cable factory.”
He also added, “We request that Hoban Group and Taihan Electric Wire actively participate in large-scale infrastructure projects in Saudi Arabia.”
In response, Chairman Kim Seon-gyu of the Hoban Group said, "We plan to review investment and cooperation not only in Taihan Electric Wire's power grid infrastructure business but also in the construction and civil engineering sector, which is Hoban Group's specialty."
President Na Hyung-gyun emphasized, “Saudi Arabia has been an important exporting country for over 50 years since Taihan Electric Wire opened its first cable trade by exporting telecommunication cables in the 1970s.”
He also said, “As this local plant is the first ultra-high voltage cable plant that Taihan Electric Wire will build overseas, it will be of great significance for Taihan Electric Wire’s competitiveness accumulation and business expansion in Saudi Arabia.”
Meanwhile, Taihan Electric Wire signed a contract to establish a joint venture for the production of extra-high voltage cables with Al Ojaimi Group, a Saudi EPC company, in June, and is in the process of establishing a local plant. This is a large-scale investment in Saudi Arabia after about five years since the establishment of Saudi Arabia's first high-voltage power equipment production corporation in 2017.