Taihan Electric Wire Co., a major cable maker in South Korea, said Thursday it will establish a fiber optic cable manufacturing joint venture in Kuwait to tap deeper into the Middle East market.
Under the agreement with its Kuwaiti partners, including Rank General Trading and Contracting Co., Taihan said the joint venture will set up their facilities in Mina Abdullah Industrial Area, southeast of Kuwait City, in the first half of 2020.
Taihan said the joint venture will be Kuwait's first fiber optic cable producer, adding it aims to generate sales from the second half of 2020.
Taihan said the latest move will increase its global presence amid rising demand for fiber optic cables due to 5G infrastructure expansion and smart city construction.
With the upcoming plant in Kuwait, Taihan will have six production bases in the world that includes manufacturing facilities in Vietnam and Africa.
Taihan has so far completed some 30 extra-high voltage cable projects in Kuwait since its entry into the nation in the early 2000s. Earlier this year, the company secured a construction order of the Al Mutlaa City underground power grid project for 91 billion won ($76 million). (Yonhap)