Philippines, Korean firms form partnerships in energy sector

By Danessa O. Rivera (The Philippine Star) | Updated July 13, 2015 - 12:00am

MANILA, Philippines - Three Korean firms have agreed to partner up with three Philippine companies with businesses in the energy sector following a three-day event of the Korea Trade Investment and Promotion Agency (KOTRA) in Manila.

The first company is Samjin LND Co. Ltd., a Korean LED light manufacturer, which signed an agreement with Dazzling Lites Enterprises, a local firm that produces LED lights.

Dazzling Lites recently forged an agreement with the Department of Environment and Natural Resources (DENR) for its “1 LED Tube, 1 Tree Planting and Growing Program for Climate Change Solution” or better known as the “1 LED Tube, 1 Tree” LED Tube Campaign.

The second firm is Korea District Heating Corp. It is teaming up with Metro Clark Waste Management Clark Corp. to utilize household waste material and biomass residual fuel to propel the new power plant construction in Clark.

Lastly, ENESG Co. Ltd., a Korean company that provides power plant diagnostic technology, signed an agreement with Cynergie Power Systems & Automation International to improve the performance of aging power plants in Asean countries.

KOTRA held its first Korea-Association of Southeast Asian Nations (Asean) Grand Project Partnership last July 8 to 10 to support Korean firms entering the Asean market in preparation for the launch of the Asean Economic Community (AEC) in December this year.

The AEC would create a single market, production base, and allow a free flow of goods, services and capital services among the 10 Asean nations.

Asean groups together Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The first day of the event was a forum which was attended by 72 Korean businessmen, 46 Philippine central and local government senior officials, and a total of around 200 attendees from all around the Asean community.

The second day marked the 250 one-on-one business meetings held for 31 Korean companies, 60 Philippine organizations and 22 ASEAN delegates each with a project volume estimated to be more than $100 million.

A seminar on the new trends and technologies in the operation and management of power plants was also held, which was was sponsored by the Plant Industry Association, KEPCO Research Institute, Korea Environmental Industry & Technology Institute, and KOTRA.

“The seminar was held for both related Philippine agencies and Korean firms who are independent power producers (IPP). Through this joint sponsorship of Korean agencies, the seminar aimed to encourage the upgrading of power plant technologies in the Philippines,” KOTRA said.

The whole event was co-hosted by the Ministry of Trade, Industry and Energy (MOTIE) of Korea and the Board of Investments (BOI) and organized by KOTRA in cooperation with Asian Development Bank. source