Daehan Electric Wire & Cable Discusses Local Business Expansion with South African Ambassador to Korea

Reviewing Future Business Plans Including Advanced Facility Upgrades at South Africa Production Corporation Emtec

From the left, Jin Gwang-su, Commercial Counselor of the Embassy of South Africa in Korea; Kim Min-seong, Executive Director of Hoban Industries; Zenani N. Dlamini, Ambassador of South Africa to Korea; Kim Seon-gyu, Chairman of Hoban Group; Shima Sarda, Economic Counselor of the Embassy of South Africa in Korea; and Na Hyeong-gyun, President of Korea Electric Wire Corporation, are taking a commemorative photo. / Photo by Korea Electric Wire Corporation

[Asia Economy Reporter Kim Pyeonghwa] On the 1st, Korea Electric Wire Corporation sought to expand its business in Africa by discussing ways to expand its South African business with Genani N. Dlamini, Ambassador of the Republic of South Africa to Korea, at Hoban Park in Seocho-gu, Seoul. About 10 key officials attended the meeting, including Sima Sarda, Economic Counselor of the South African Embassy in Korea, Kim Seon-gyu, Chairman of Hoban Group, and Na Hyeong-gyun, President of Korea Electric Wire Corporation.

On this day, Korea Electric Wire Corporation stated that it discussed the investment plan for the facilities of its South African production subsidiary, M-TEC, and opportunities and plans for business expansion of Hoban Group through this. Previously, M-TEC held a regular board meeting last month and decided on new investments related to cable production facilities. The plan is to expand MV/LV (medium and low voltage) cable production facilities, which account for about 90% of the underground power market in South Africa.

Regarding this, Ambassador Dlamini of South Africa to Korea expressed gratitude for strengthening South Africa's technological capabilities and facility capacity through additional investment in M-TEC, saying, "As the government is focusing on expanding energy and power infrastructure, this will be a great opportunity for Korea Electric Wire Corporation and Hoban Group." South Africa is recently accelerating the transition to renewable energy, so demand related to power grids is expected to increase.

Na Hyeong-gyun, President of Korea Electric Wire Corporation, said, "South Africa is Korea's largest trading partner in Africa and has been an important country for Korea Electric Wire Corporation's entry into Africa since the early 2000s," adding, "We will contribute to stabilizing power supply in South Africa through new investment in M-TEC and seeking additional business opportunities, while enhancing our competitiveness in African business."

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