South Korean firm seeks solar energy ventures in Kingdom

A South Korean company specializing in solar technology on Monday offered to consider a joint venture possibility with transfer of technology and know-how at a videoconference session between the Jeddah Chamber of Commerce and Industry (JCCI) and the company. H. C. Song, chief of research, solar energy, Tusung Engineering Company, speaking with other experts from Seoul told the conference chaired by JCCI Secretary General Adnan Mandoura at the chamber here that Saudi Arabia had vast potential for producing solar energy and his company could collaborate in meeting the Kingdom's needs after conducting a thorough study.According to him, solar energy was not only cost-effective but could be produced and generated at half the cost of the energy produced by certain other means.Mandoura said the chamber would be delighted to welcome a delegation of solar energy experts from South Korea to study further on this matter.The South Korean company has already gone into a joint venture arrangement in China and is keen to follow suit in this part of the world, Song said, adding that the emphasis is on applications of solar energy for small and medium enterprises (SMEs) and residential purposes. The company also had applications for solar trees and lighting."Production of solar energy equipment plays a critical role and that can make the generation cost-effective," he said, adding that human resources are strategic assets in this business.Song gave a positive response to a question whether his company could offer the technology and know-how for developing solar energy on a turnkey basis coupled with technical support and training facilities.He also said his company could invest in such a joint venture with equity participation.Preceding this session was one on Korea Venture Business Association (KOVA), which discussed an effective supporting system for new business ventures, especially of young entrepreneurs.JCCI Vice Chairman Mazen Batterjee chaired the session.He said the Saudi private sector was ever willing for investments in productive sectors of industry.Mandoura and Mohamed Yousuf Naghi, head of Mohamed Yousuf Naghi & Brothers Group, also took part in the discussion.Mandoura said the JCCI's SMEs' development committee, headed by Ghassan Suleiman, had played a tremendous role in boosting the business of small and medium enterprises. Giving an overview of KOVA, its spokesman said from Seoul that since its establishment in 1995, KOVA has to its credit many success stories in supporting venture businesses, especially SMEs.His presentation showed that the number of venture companies in South Korea has grown from 2,000 in 1998 to 26,000 in 2011. KOVA performs an effective role by supporting universities and colleges to encourage youth interested in ventures, organizing business start-up schools by offering training and education, and supporting human resources, finance and R&D, as well as training for international marketing through its professional network.