Iljin Electric, a local manufacturer of electric cables, has won a combined 52 billion won deal for extra high voltage power cable projects in Singapore and Taiwan.
``We¡¯ve won a 45 billion won deal in Singapore and also agreed to a deal worth some 7 billion won with a state-backed Taiwanese electric agency to export cables,¡¯¡¯ a company spokesperson said Tuesday.
Iljin said the deal with Singapore is the biggest ever since the maker has exported its products.
``We will operate an additional line, which is now being constructed, from August this year to meet the growing demand for extra high voltage power cables, capitalizing on the Southeast Asia region,¡¯¡¯ explained the executive.
Last October, Iljin agreed with a local wire maker in Vietnam to create a 51:49 joint venture, and the South Korean manufacturer has engaged in detailed internal talks to set up another overseas affiliate in one of the countries in the region.
``Considering the pace of improving living standards and calls for more socio-infrastructure, the demand for electricity there will soar in the coming years,¡¯¡¯ CEO Choi Jin-yong said.
The Southeast Asian nation¡¯s electricity market is forecast to grow by 10 percent, annually, according to industry estimates.