The Seoul government announced A South Korean company will set up a joint venture in Qatar that will produce LED lighting systems to meet growing demands there ahead of the 2022 FIFA World Cup finals.
The Qatar Korea LED Consortium, together with Qatar's state-run QATAR Intermediate Industries Holding Co., Ltd., will invest 40 billion won (US$35.7 million) to build a production facility that will begin manufacturing LED lighting systems from 2014, according to the Ministry of Trade, Industry and Energy.
A memorandum of understanding on the joint investment project was signed in Seoul on Wednesday.
Qatar's demand for LED lighting systems is growing rapidly ahead of the 2022 World Cup, but it currently imports entire amounts of its needs due to its lack of a production facility, the ministry said. The country imported $1.55 million worth of LED systems in 2011 alone.
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.
