SEOUL, Oct. 25 (Korea Bizwire) — Hyundai Electric and Energy Systems Co., a unit of top shipbuilder Hyundai Heavy Industries Co., said Wednesday that it has set up a company in Thailand to strengthen its presence in the Asian region.
The new energy solutions unit, along with another one in Singapore, will help the company venture into the region, it said.
Hyundai Electric aims to log sales of 700 billion won (US$620 million) in 2021 in the growing Southeast Asian region.
In the first nine months of the year, Hyundai Electric has received orders valued at 32.3 billion won from Asian countries.
Demand for energy solution systems in Asia is expected to rise sharply as a China-led infrastructure investment bank was launched last year to develop roads and ports, it said.
Hyundai Electric was spun off from Hyundai Heavy early this year as part of efforts to boost each business unit’s competitiveness.