Korea East-West Power and its small and medium-sized enterprise (SME) partners signed an US$8 million export contract with Saudi Arabia and succeeded in attracting US$ 18 million investment. The first local joint venture factory opened in Saudi Arabia. This signals that Korea East-West Power is tapping into the Middle East market in earnest.
Korea East-West Power announced on November 21 that the company made such achievements through a project to find and develop sales channels for SMEs by visiting Saudi Arabia's the Electricity and Cogeneration Regulatory Authority (ECRA) and Bahrain’s Electricity & Water Authority (EWA) for nine days from November 10 to 18 (local time).
Korea East-West Power and companies of the Korean Export Promotion Group signed an US$8 million contract on the spot through a meeting for sales of power generation equipment and machines used to build power plants and infrastructure.
"We have produced good results because we have been able to build a lasting trust relationship with local companies through the ‘Middle Eastern Power Silk Road’ Program which provides one-stop support for SMEs from their product development to overseas market development,” said an official of Korea East-West Power.