Invest KOREA

Korea’s light emitting diode (LED) industry has established a foundation to advance into Middle Eastern and African markets.

According to the Ministry of Trade, Industry and Energy, the Korea Association for Photonics Industry Development (KAPID), Qatar Korea LED Consortium (QKLC), and Qatar Holding signed an MOU last Wednesday to establish an LED light-related joint venture in Qatar. KAPID will recommend production items and LED export companies to the joint venture. Korea’s QKLC will invest capital, and Qatar’s Qatar Holding will invest capital and operate the joint venture.

QKLC and Qatar Holding will invest KRW 10 billion and 30 billion, respectively, by 2017 to establish a joint venture and a plant that assembles and manufactures LED lights. They plan to begin manufacturing and exporting LED lights to the Middle East and Africa in 2015.

The ministry anticipates that the joint venture will achieve KRW 1 trillion in sales for the next five years. “This project has begun to satisfy Korea’s demand to enter overseas markets and Qatar’s need to establish infrastructure,” said a government official.

Source: Newsis (Apr. 3, 2013)

** This article was translated from the Korean.