A South Korean company is stepping up its push into the Middle East market after becoming the first to win Saudi Arabian government incentive approval in electric vehicle charger manufacturing. Electronic components maker Solum said on Sunday it won final approval under the Saudi government's Standard Incentives for the Industrial Sector (SIP).

SIP is a manufacturing localisation support scheme run by the Saudi government under Vision 2030 and the National Industrial Strategy. Companies are selected after reviews by the Ministry of Industry and Mineral Resources (MIM) and the Ministry of Investment (MISA), and are paid subsidies covering a certain percentage of eligible initial investment costs. Solum said the approval secured Saudi government subsidies.

Solum is pursuing the establishment of a joint venture with its local Saudi partner, AL BAKHEET. It is also in talks to build an EV charger manufacturing plant applying its self-developed power modules. The company aims to move beyond simple product exports and build a local production, assembly and operations system. The South Korean embassy in Saudi Arabia and KOTRA's Riyadh trade office provided diplomatic and practical support throughout the business 추진 process, while the Saudi National Industrial Development Center (NIDC) and MISA also cooperated in the review process.

Solum has also entered a public EV charger proof-of-concept project hosted by Qatar's electricity authority, Kahramaa, and is conducting technology verification in desert climate conditions. The company said the Qatar verification led to Saudi incentive approval, laying the foundation to expand the business across the Gulf Cooperation Council (GCC) region.

Chang-sub Lee (이창섭), Solum's head of Middle East and Africa, said: "This SIP approval is the result of the Saudi government officially recognising Solum's EV charging technology and its local investment plan in the Middle East." He said: "Through the local joint venture, we will contribute to Saudi industrial development by creating jobs, transferring technology and building an ecosystem of partner companies, while rapidly expanding our presence in the Middle East market."