Qatari JV to invest $35.7m in LED lighting factory
Partnership with South Korean firm to meet needs of World Cup projects
A joint venture between a South Korean company and a Qatari sponsor, with financial support from the Qatari government, is to invest $35.7m (QAR 130m) in an LED lighting systems production facility, globalpost reports.
The South Korean Ministry of Trade, Industry and Energy said that Qatar Korea LED Consortium and the state-run QATAR Intermediate Industries Holding CO. Ltd. plan to have the factory operational by 2014.
All the investing parties signed a memorandum of understanding in Seoul on Wednesday 3 April which will initiate construction planning for the country’s first LED lighting factory.
Qatar currently imports all of its LED lighting systems due to its lack of a production facility, the ministry said. The country imported $1.55 million worth of LED systems in 2011 and demand is expected to grow rapidly ahead of the 2022 World Cup.
The ministry said the joint venture will also allow the country access to other Middle Eastern countries as the Qatar-based company plans to begin exporting LED products to other countries in 2015.