WORLD> Asia-Pacific
S Korean plant, electric machine firms to conduct joint export efforts
(Xinhua)
Updated: 2008-07-15 15:59

SEOUL-- South Korea's plant and electrical machinery businesses vowed to cooperate in order to meet a rise in global demand for new power stations and refurbishment of aging facilities, the Korea Plant Industries Association (KOPIA) and Korea Electrical Manufacturers Association said Tuesday.

The KOPIA and the Korea Electrical Manufacturers Association said they would make joint efforts to expand export, promote exchanges of information on prospective overseas markets and closely cooperate to strengthen international competitiveness of domestic companies.

According to the KOPIA, the oil prices hike and higher demand for power are requiring more power plants to be constructed in the Middle East, while aging facilities in Europe, the United States and Japan are creating a growing market for parts and components.

Exports of industrial plants, including refineries, offshore oil and gas platforms, power stations and desalination plants, are expected to exceed last year's amount of US$42.2 billion and reach US$50.0 billion by the end of this year.  

According to Yonap, overseas sales of electrical machinery parts and devices are expected to reach around US$7.0 billion by the year end.

Sales of electrical machinery parts to the United States grew 35 percent in 2007 from a year earlier, while those to Japan jumped 22 percent.

The KOPIA and the Korea Electrical Manufacturers Association also said closer cooperation is expected to help South Korean companies going into newly emerging large economies of Brazil, India, Russia and North Africa.