DOHA
QATAR is probably a light-emitting diode (LED) lighting systems set up factory to meet the growing demand for the FIFA World Cup final of 2022.
To set up the factory with an investment of about 35.7 million dollars, will be a joint venture with a South Korean company, according to a statement from the South Korean Ministry of Commerce, industry and energy on Wednesday.
"The Korea Qatar-Qatar intermediate Industries LED Consortium, along with Holding Company Ltd, will invest $ 35.7 million to build a production plant that will begin production from 2014, LED lighting systems," said the statement. A memorandum of understanding on the joint investment project was signed in Seoul on Wednesday.
The demand for LED lighting systems in Qatar is growing fast. It depends on the moment on imports to meet the requirement, said the Ministry. The country imported 1.55 million worth of LED systems in 2011 only.
The Treasury Department said the joint venture will also the country allow access to other Middle East countries as the Qatar based company plans to start exporting to other countries LED products by 2015. A lightemitting diode (LED) is a semiconductor light source.
LEDs are used as indicator lamps in many devices and are increasingly being used for other purposes lighting.
According to the market research firm strategies unlimited, LED is set to the genesis of the current state of low growth and LED market in the next 3-5 years will be powered by lighting, display lighting and automotive applications and the overall market will reach the size 11 billion by 2013.
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