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16. June 2010

S Korean industrial part makers to hold talks with US and Europe firms

S Korean industrial part makers to hold talks with US and Europe firms

Yonhap reported that South Korean industrial parts and materials manufacturers plan to hold talks with US and European companies this month that could bring in a minimum USD 125 million worth of new export orders.
The Ministry of Knowledge Economy said that the Global Partnership EU 2010 and the Global Partnership US 2010 talks to be held in Hamburg, Germany and Anaheim, California each will be the first of their kind to be organized by Seoul.
An official at Ministry of Knowledge Economy said that "The plan is to get 56 local manufacturers to hold direct talks that can lead to export contracts being signed with large foreign companies such as Siemens, Vesta, 3M and Dow Chem."
He said that prospective business deals with European countries will be centered on the shipment of parts and components for wind power generators, while those with US businesses will be in nanotech and clean environment areas.
The ministry said that it expects at least 5 contracts to be reached through the global partnership talks this month. It added that the minimum size of deals involving large US and European countries are around USD 5 million a year and since these arrangements usually last up to 5 year, a single contract may be worth around at least USD 25 million.
The ministry, however, said that total contracts secured may be much larger since many deals signed by foreign companies in renewable and clean environment industries are worth more than USD 100 million apiece.

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