20 Korean power firms eye opportunities in Phl

MANILA, Philippines - Twenty Korean companies involved in the energy sector are interested in business opportunities in the Philippines.

Speaking at the Philippines Korea Power Plant Vendors Road Show held yesterday, Min Kyong-Ho, minister and consul general of the Korean embassy in the Philippines said the Korean companies involved in power generation are in the country to explore opportunities available here.

The delegation is composed of turbine parts makers Samjin Metal Co. Ltd.; Turbo Power Tech Co. Ltd.; PNC Co. Ltd., EnesG Worldwide, Sinjungwoo Industrial Co. Ltd.; Samyoung Fil-Tech Co. Ltd.; boiler parts suppliers Dongsuh Industry Co. Ltd.; Hankook Coatings Co. Ltd.; KLES Inc.; J-E Tech Co. Ltd.; Seobo Industrial Co. Ltd.; electricity parts manufacturers Powernix Co. Ltd.; Korea Engineering Co.; Vitzrotech Co. Ltd.; International Industrial Electronics Co., Ltd.; Higen Motor Co., Ltd.; as well as instrumentation and control parts providers Hisco Inc.; Kntec Co. Ltd.; Hana Evertech Co. Ltd.; and Duon System Co. Ltd.

The road show, attended by more than 200 delegates from companies in the Philippines, is as a venue for Korean companies to meet potential partners.

Min said the Korean government is encouraging their firms to do business here to strengthen the two countries’ links.

“Success of projects like these enhance bilateral cooperation,” he said.

For her part, Philippine Economic Zone Authority director general Lilia De Lima said the event is timely as it highlights energy management as vital for businesses.

Given the need to address power supply for the future as the Philippine economy is growing, she said the PEZA is promoting partnerships between Korean firms and local companies in the energy sector.

By encouraging partnerships for power generation, De Lima said projects would be undertaken to respond to the requirements.

Businesses operating in the Philippines have always raised the high cost, as well as supply, of power as part of their concerns here.

The PEZA is also promoting partnerships for power generation projects to help the country to get more foreign investments.

“The high power cost is the biggest stumbling block in attracting foreign direct investments in the country. When the cost of power goes up, it affects the bottom line,” she said.