Toshiba Mitsubishi-Electric Industrial Systems Corp (TMEIC) announced that it has received the Industrial Reward at the 54th Trade Day Commemoration Ceremony, which South Korea's Ministry of Trade, Industry and Energy had Dec 5, 2017.
TMEIC is a major manufacturer of PV inverters. The ceremony was attended by South Korean President Moon Jae-in.
The Industrial Reward, which TMEIC received this time, is the second best award after the Industry Order. Among 33 companies that were awarded at the ceremony, TMEIC is the only company that is not based in South Korea.
The Trade Day is a legal memorial day established to solidify South Korea's intention to realize the balanced development of South Korea and other countries and become a trading nation. It was established in 1964, commemorating the country's first achievement of US$100 million export value.
TMEIC and its local subsidiaries have been procuring parts for power electronics and rotators (e.g. reactors and shafts) from South Korean companies since 2004, as part of their efforts for global procurement.
After 2004, they continued trading with South Korean companies, and the cumulative trading value reached about ¥30 billion (approx US$266 million). Also, they have been making efforts to promote the exchange and cooperation between Japanese and South Korean companies. TMEIC received the Industrial Reward because its contribution to South Korea through such efforts was highly evaluated, the company said.
TMEIC plans to provide products and solutions that are advantageous to the business activities of its customers while promoting the global procurement, it said.