KOTRA Hosts Power Equipment Trade Mission 2024

The Korea Trade Investment Promotion Agency (KOTRA), in collaboration with the Korea Electric Power Corporation (KEPCO) and the Korea Electrical Manufacturers Association (KOEMA), hosted the Power Equipment Trade Mission 2024. This initiative aims to strengthen the power sector and foster bilateral economic growth through innovation and trade relations.

KOTRA’s Director, Donghee Yoo, emphasized the mission's goal to reinforce the foundations of international cooperation and promote a more sustainable and robust electrical sector. "Mexico is experiencing significant momentum as the president has presented her energy sector strategy, which will be of great importance during this administration," Yoo explained.

Korean Ambassador Tae-Wan Huh highlighted the growing importance of energy supply for Mexico due to increased manufacturing activities. He noted the Mexican government's support for renewable technologies to enhance energy autonomy. "KEPCO is globally recognized for its quality and technology across various fields, including construction, energy management, manufacturing, and more. We seek cooperative measures in the energy sector to exchange knowledge and experience regarding new products and technologies," stated Huh.

The event also featured participation from the Mexican Council of Energy (COMENER), the National Chamber of Electrical Manufacturers (CANAME), and CFE. Juan Acra, President, COMENER, said this administration is expected to be heavily energy-oriented, with joint associations between the private and public sectors gaining importance.

Key Korean energy companies such as KEPCO, Ssangyong, VPPlab, and Switcho Jinkwang showcased their products and technologies, highlighting their relevance to the Mexican electricity sector.

Recognizing the momentum of nearshoring, CANAME explained that the Mexican electricity sector currently represents 2.2% of the national GDP, generating over 290,000 direct jobs. Additionally, the electrical manufacturing sector contributes 3.9% of the national industrial GDP. Looking towards 2030, nearshoring is expected to drive an annual GDP growth of 1.5% to 2.5%, with productivity increases ranging from 15% to 30%.