Listrik Indonesia | The world's attention is currently focused on the 43rd Association of Southeast Asian Nations Summit (ASEAN Summit) taking place in Jakarta from September 5th to 7th, 2023.
This biennial summit has already yielded significant collaborations, marking a historic moment in ASEAN's quest to become the economic hub of Southeast Asia by partnering with developed countries.
On the final day of the ASEAN Summit (7/9), an agenda item of great importance was the signing of a strategic cooperation agreement between Indonesia and Korea. This momentous collaboration involved several Indonesian and Korean companies participating in the "Indonesia-Korea Business Roundtable Business." Among them, PT Symphos Electric (Indonesia) and LS Electric Co., Ltd (Korea) joined forces in the field of electricity.
Forman Lee, President Director of PT Symphos Electric, expressed optimism about this merger, highlighting the potential for expanded market opportunities, particularly in the electrical equipment sector. He mentioned their aspirations to develop new products and benefit from technology transfer from their Korean counterparts.
This merger aims to fuel the growth, expansion, and diversification of PT Symphos' product portfolio, with a strong emphasis on exporting products beyond Indonesia. Currently, their collaboration focuses on oil transformer products, crucial components in power systems for voltage conversion and maintaining power flow.
Both companies foresee a mutually beneficial partnership. PT Symphos Electric will fill gaps in LS Electric's product range, while LS Electric will provide access to new markets and distribution channels. Together, they believe this collaboration will achieve significant success not only in Indonesia but also on a broader scale.
Jong Woo Kim, President and Chief Operating Officer of Global LS Electric Co., Ltd, shared his intent to establish effective marketing strategies in the East Asian electricity market through this partnership. He mentioned their two-year exploration with PT Symphos Electric and highlighted their commitment to serving PLN (Perusahaan Listrik Negara), one of Indonesia's most important customers. Despite diversifying into new markets, they will continue to meet PLN's needs.
In addition to diversification, LS Electric has global expansion on its agenda, aiming to venture into new markets beyond Indonesia after establishing a successful domestic presence. Renowned as a global player in manufacturing electrical devices and equipment, LS Electric specializes in everything from electric power transmission to distribution across power grids and industries.
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