LS Electric Chairman Koo Ja-kyun Meets Saudi Industry Minister to Discuss Business Cooperation

Meeting at Hannover Messe German Booth
Strengthening Power Infrastructure and Factory Automation Businesses
"Cooperation in Smart Energy Business as well"

Gu Ja-gyun, Chairman of LS Electric, met with officials including the Minister of Industry and Mineral Resources of Saudi Arabia to discuss business cooperation plans.

Bander Alkhorayef, Minister of Industry and Mineral Resources (second from left), and other Saudi Arabian government officials are touring the LS Electric exhibition booth with Kim Jong-woo, President of LS Electric (second from right).
[Photo by LS Electric]

LS Electric announced on the 29th that Chairman Gu had a conversation with Bandar Al Korayef, Minister of Industry and Mineral Resources of Saudi Arabia, and Abdullahjiz Majed Alrahmadi, Vice Minister of Industrial Strategy, at the company's booth during "Hannover Messe 2024" held in Hannover, Germany on the 26th (local time).

Minister Al Korayef introduced the business environment in Saudi Arabia firsthand and proposed investment cooperation across various sectors. He requested investments in power infrastructure, automation, and artificial intelligence (AI), areas where LS Electric has strengths, as about 8,000 new factories are expected to be built in the future. He emphasized that systematic support for investing companies, including subsidies and various training programs, is being provided.

Chairman Gu responded by pledging to fulfill the role of a total solution provider covering transmission, transformation, and distribution in the expanding manufacturing sector. LS Electric has experience successfully implementing power solutions at transmission and transformation substations of the Saudi Electricity Company (SEC) through cooperation with local partners. Furthermore, Chairman Gu expressed hope to cooperate as a new partner in various fields such as eco-friendly smart energy businesses including renewable energy generation and energy storage systems (ESS), as well as smart factories that simultaneously realize factory automation and energy efficiency, beyond just power infrastructure.

An LS Electric official said, "We are promoting new businesses such as BESS (Battery-ESS), factory automation, and FEMS (Factory-Energy Management System) in large-scale projects including NEOM City," adding, "The cooperation discussions with Minister Al Korayef will be an important opportunity to materialize these efforts."

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