ABB signs cooperation agreement with Democratic People’s Republic of Korea

Zurich, Switzerland, December 1, 2000 – ABB, the global technology company, said today it has signed a wide-ranging, long-term cooperation agreement with the Democratic People’s Republic of Korea (DPRK) aimed at improving the performance of the country’s electricity transmission network and basic industries.

The agreement was signed in Pyongyang during a recent four-day visit by an ABB delegation led by President and CEO Göran Lindahl. It covers investment opportunities and technical cooperation in the area of modernizing DPRK’s national electrical grid, and upgrading electrical equipment and control systems in power plants and industrial plants. It also covers cooperation in the field of wind power and solar energy systems as well as the opening of a representative office in Pyongyang in 2001.

“ABB’s strategy is to move early and develop strong long-term local partnerships in emerging markets,” Lindahl said. “We can combine our technology and business know-how with DPRK’s local technical expertise to upgrade the country’s electricity and basic industrial infrastructure as it moves into the larger economic community. We see clear benefits for both sides from this pioneering agreement.”

ABB said it will review joint investment opportunities with partner enterprises in the DPRK electrical products and services sector. ABB would assume management control and transfer technology and management expertise. A delegation of DPRK Ministers said ABB would be provided with “favorable frame conditions for their investment and technical cooperation.”

The agreement is also aimed at improving performance and efficiency in the manufacture of electrical products, such as transformers, circuit breakers and cables. This includes the supply of complementary electrical products, systems and equipment.

The ABB Group (www.abb.com) serves customers in power transmission and distribution; automation; oil, gas, and petrochemicals; building technologies; and in financial services. With novel IT applications, tailored software solutions, growing eBusiness and a fast-expanding knowledge and service base, ABB is building links to the new economy. The ABB Group employs about 160,000 people in more than 100 countries. (End)

    •   Cancel
      • Twitter
      • Facebook
      • LinkedIn
      • Weibo
      • Print
      • Email
    •   Cancel

    Contact us

    Page information:
    seitp222 c1256c290031524bc12569a800354534