As Daewoo E&C is expected to achieve this year’s business goal seamlessly on the back of a series of winning orders in Korea and abroad, the public limelight is on Daewoo E&C Chmn. Jung Won-ju, who has extended global activities to reenact “Daewoo E&C legend” in which he himself once spearheaded the global construction market in the past.
According to the Korean construction industry, Daewoo E&C is expected to achieve the best-ever business performance in its overseas sector this year.
As Korea Hydro & Nuclear Power struck a contract on the new nuclear power plant project with ČEZ Group, following ups and downs, KHNP is predicted to seal a construction subcontract deal worth a few trillion won with Daewoo E&C this year.
When the Cech nuclear power project is in a full swing, Daewoo E&C is expected to reenter the European construction market, in which the contractor, a subsidiary of the now-defunct Daewoo Business Group, made a splash as it constructed Daewoo Motor’s plant in Poland.
The news of Daewoo E&C’s exploring new overseas markets came from Central Asia.
Daewoo E&C Chmn. Jung’s efforts – touring Turkmenistan once or twice every year – have paid off: the company signed a 1 trillion won deal to build a mineral fertilizer plant in Turkmenistan, making a feat of exploring the Central Asian region for the first time.
Korean Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy, Daewoo E&C CEO Kim Bo-hyun, Turkmenhimiya Chmn. Dovrangeldi Sapbayev and Turkmen Industry Deputy Minister Baymyrat Annamammedov attend a signing ceremony for a framework agreement to build a fertilizer plant in Turkmenistan at a Seoul hotel on April 18.
By aggressively exploring Turkmenistan, a nation with abundant resources and a high growth potential, Daewoo E&C will be most likely to land additional petrochemical and fertilizer projects.
The company also extended its presence to new projects in diverse areas, such as infrastructure and new city development.
The contractor also plans to ramp up cooperation with the Central Asian country by offering diverse solutions in the eco-friendly business sectors.
Daewoo E&C’s successive order wins is owed to Chmn. Jung’s efforts to extend his activities to explore the overseas construction market.
Chmn. Jung has stressed to his executives and staffers the need for exploring the overseas construction market to overcome the uncertainties of the domestic construction market since 2022, when Jungheung Group acquired the contractor.
In reality, Chmn. Jung has built a global network by meeting with the top leaders of major countries and company executives while globetrotting every part of the world in the past three years, such as Europe, Asia, Africa and North America.
Daewoo E&C Chmn. Jung Won-ju discusses with Green Eye Park Chairman Nguyen Minh Hung on the “Kien Giang Urban City Project” in Thai Binn Province, Vietnam on July 17, 2014. The investment of the project was approved on Aug. 14, 2024.
The Kien Giang New City construction project in Vietnam, whose investment was approved last year, and the striking of the contract on the Turkmenistan fertilizer plant project this year, are evaluated to be just two examples in which Chmn. Jung made stretnuous efforts.
Last month, Chmn. Jung met with Indonesian President Prabowo Subianto and discussed ways of extending businesses to a variety of sectors, such as real estate development, infrastructure construction and petrochemical plants.
On June 18, he visited Mozambican President Daniel Chapo and discussed ways of extending businesses and promoting cooperation.
Daewoo E&C has been devoting itself to expanding the African construction market based on and the competitiveness the contractor accumulated from Nigeria and Botswana.
Chmn. Jung’s latest visit to Mozambique was designed to give a leg-up to Daewoo E&C’s strategy to expand its market there, a country rich with resources, by implementing LNG plant construction projects.
Daewoo E&C is on the roll in the public and urban refurbishment project sectors, accelerating efforts to streamline fundamentals by building its quality portfolio.
A bird’s eye-view of the Busan Port and Jinhae New Port. Daewoo E&C was awarded the first section of the embankment construction project in the southern part of Jinhae New Port. (Photo: Gyeongsangnam-do).
In the public sector, Daewoo E&C ranked top in design review after it was selected as a manager of the embankment construction project in the southern part of Jinhae New Port and the contractor was selected as one qualified for actual design by participating as a non-manager company in a project to relocate Mt. Woomyeon Expressway.
The contractor succeeded in winning the two projects. In the urban refurbishment sector, Daewoo E&C proved its competitiveness of the high-end housing construction segment once again by participating as a contractor of the Gangnam Wohyosung Villa reconstruction project, as he demonstrated in “Hannam The Hill,” “Gwacheon Prugio Summit,” and “Seocho Prugio Summit.”
Daewoo E&C CEO Kim Bo-hyun tours the Gaepo Woosung 7th Apartment Complex in Gangnam-gu, Seoul, on June 12 as part of his efforts to land the reconstruction project.
Daewoo E&C has been accelerating efforts to extend its presence in the major reconstruction projects in the Gangnam area, as the contractor has proposed “the best design and project conditions” for cooperative members, instead of profitability, by concentrating companywide capabilities in the Gaepo Woosung 7th Apartment reconstruction project.
A Daewoo E&C official said, “All executives and staffers have an ‘intrinsic DNA: Daewoo E&C’s challenge and passion’ under the catchphrase ‘Constructing a Global Village’ in an era no one had never imagined. We will do our utmost to establish ourself as Korea’s representative contractor by expanding the overseas market as a centennial company and diversifying its domestic business portfolio.”
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