IFEZ Journal

INTRODUCING GLOBAL COMPANIES IN IFEZ

Meet Global Companies inside IFEZ <FIBOX>

FIBOX Korea, headquartered in Espoo, Finland, is a typical small and medium-sized enterprise (SME) specializing in electrical and electronic enclosure systems. Located in the Songdo Knowledge and Information Industry Complex, the FIBOX building appears, at first glance, to be an ordinary office building. Shin Yong-suk, International Cooperation Special Adviser at the Incheon Free Economic Zone Authority (IFEZA), met with Han Kyu-suhp, the newly 

appointed Managing Director of FIBOX Korea, to discuss how the company gained global prominence through what may seem like simple plastic enclosure production, as well as its current operations and future plans.

SPECIAL INTERVIEW

Shin Yong-suk

Special Adviser for International Cooperation

Incheon Free Economic Zone Authority (IFEZA)

Han Kyu-suhp

Managing Director

FIBOX Korea

FIBOX Korea Managing Director and IFEZ International Cooperation Special Adviser Shin Yong-suk are discussing the current condition of the company.

Shin Yong-suk I understand that you were recently appointed as the head of FIBOX Korea. Could you share your academic background and professional experience?

Han Kyu-suhp  I majored in Environmental Engineering at Konkuk University and completed a graduate program in Business Administration at Korea University. After graduation, I worked in the automation division at Siemens in Germany and later for a U.S.-based company. I joined FIBOX in September 2024 as VP of Asia Market Operation and, as of January 1 this year, I have been serving concurrently as Managing Director of FIBOX Korea and VP of Asia Market Operation.

Shin Yong-suk Shortly after being appointed as a correspondent for The Chosun Ilbo in France in 1969, I spent a month in Helsinki covering the Strategic Arms Limitation Talks (SALT) between the United States and the Soviet Union. During that time, I traveled across Finland, including the northern region of Lapland, and felt that Finland’s geopolitical position and national character were similar to Korea’s.

Han Kyu-suhp Since joining FIBOX, I have visited Finland several times. I also noticed that Finland’s position—bordering Sweden to the west and Russia to the east—resembles that of the Korean Peninsula, surrounded by major powers. The Finnish language, part of the Ural-Altaic family like Korean, also sounds quite different from English or German.

Shin Yong-suk  Why did FIBOX set up its first branch outside Europe in Korea, starting both production and sales here?

Han Kyu-suhp I believe the decision to open the first overseas branch in Korea was due to the founder’s strong foresight and bold judgment. He probably saw Korea’s potential in home appliances and electronics manufacturing, the productivity of its workforce, and its strategic location between China and Japan. It must have been the founder’s decision to move the company that manages production and sales, and started in the Namdong Industrial Complex in Incheon, to Songdo.

Shin Yong-suk In 2007, the Songdo Knowledge and Information Industry Complex was mostly undeveloped, yet FIBOX became the second foreign-invested company to set up operations there. What do you believe was the main factor behind the founder’s entrepreneurial success and globalization through a unique product?

Han Kyu-suhp Tapani Niemi, the founder of FIBOX, consistently emphasizes that our plastic enclosures are not disposable plastics. They are made from durable, recyclable, and high-value polycarbonate. He also stresses that entrepreneurship, fairness, and the Finnish concept of SISU—a spirit of determination and perseverance—are the core principles of leadership. I understand that Mr. Niemi personally decided to acquire the land in the Songdo Knowledge and Information Industry Complex.

Shin Yong-suk  It has been 30 years since the Korean branch was established. How are FIBOX’s manufacturing and sales networks currently organized across Asia?

Han Kyu-suhp After Korea, we opened branches in Shanghai in 2003 and Guangzhou in 2005. We also run a branch in India and a sales office in Japan. We have manufacturing facilities in Germany and Poland, with sales offices in most European countries. Approximately 60% of production at our Korean branch serves domestic demand, while 40% is exported overseas.

Shin Yong-suk As a manufacturer of enclosures made from a specialized plastic raw material—polycarbonate—I assume there are many competitors in the market.

Han Kyu-suhp  There are several competitors. In Europe, Germany’s Spelsberg is a traditional rival offering a wide range of standardized products. Hoffman manufactures industrial enclosures and large cabinets. There are also domestic competitors near Busan. However, FIBOX maintains a clearly differentiated position as a manufacturer specializing in polycarbonate plastic enclosures.

 

전기나 전자 부품 시스템을 안전하게 보호하기 위한 ‘보호 박스’ 사진 및 부품 사진

Shin Yong-suk  Are there any new business areas you are planning to pursue?

Han Kyu-suhp There is an increasing trend of replacing steel protective enclosures with polycarbonate plastic, which we specialize in. FIBOX is actively aligning with this shift.

Shin Yong-suk  On the way to the third-floor meeting room, I could have a look around the manufacturing facilities on the first and second floors. The quiet atmosphere made it feel more like a laboratory rather than a factory.

Han Kyu-suhp We currently have 45 employees, including 22 production staff and 23 office staff. Our manufacturing facility uses injection molding machines to produce various products, so there is minimal factory noise. Production employees engage in discussions and negotiations with management through a labor-management council. Last year, we invested in and began operating an additional gasket robot machine.

Shin Yong-suk  I once heard that over 30 years ago, representatives from a Korean telecommunications company and electrical equipment manufacturers showed strong interest in FIBOX products displayed at the Hannover Fair in Germany, which led to the establishment of the first branch in Korea. I commend the decision of a Finnish SME to enter the Korean market at that time and hope that mutual cooperation with Korean partners continues. Thank you for sharing your insights today.

 

Industry  Manufacturing of molded plastic enclosures for packaging

Products/Business  Molded plastic products; electrical circuit switchgear, electrical automatic control panels manufacturing, trade, and brokerage

Address  43-11 Incheon tower-daero 25beon-gil, Yeonsu-gu, Incheon

Go to FIBOX Website