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Saudi Arabia's Ministry of Investment (MISA) has signed an agreement with South Korea’s Taihan Cable & Solution to establish a new extra high voltage (EHV) cable and copper rod manufacturing plant, the ministry said in a press statement.
The agreement, signed on the side lines of the Future Investment Initiative (FII) conference in Riyadh, follows the launch of the ‘Global Supply Chain Resilience Initiative,” which aims to bolster the Kingdom's position as an industrial powerhouse and global logistics hub.
In a statement published on the Taihan website in June 2022, the Korean company had announced that it signed an agreement with Saudi Engineering, Procurement and Construction (EPC) firm Mohammad Al-Ojaimi Group, which specialises in power transmission and distribution projects, to set up a joint venture for the EHV project.
Taihan said it would provide 51 percent of the $80 million investment in the new factory, which covers 70,000 square metres in a high-tech industrial complex in Riyadh.
The agreement with the Korean firm was one of the five signed by MISA at the conference in aerospace, technology and finance sectors.
(Writing by P Deol; Editing by Anoop Menon)
