Hyundai E&C to expand global network
By Lee Hyo-sik
Hyundai Engineering & Construction (E&C), Korea’s largest builder in terms of orders, has been leading in the global construction market by securing large numbers of orders from the Middle East and other parts of the world.
The company plans to build a more extensive global network to win more overseas orders, while advancing into new, highly-lucrative business sectors, including sewage works, natural resources exploration and property development.
It also aims to become a comprehensive engineering, procurement and construction (EPC) firm, capable of not only building various structures but also designing and engineering the entire projects.
``Since we won our first overseas contract from the Thai government in 1965 to build an expressway, we have secured a total of 745 orders in 49 countries, worth $84.8 billion,’’ a Hyundai E&C spokesman said. ``We won record-high overseas orders in 2010 worth $11 billion. We are a leading builder in spearheading Korean construction across the globe.’’
Hyundai E&C will make more efforts to expand its global network this year.
``We used to secure most buildings orders from the Middle East. But we have and will diversify markets, enlarging our presence in Africa, South America and Central Asia,’’ the spokesman said.
In 2010, the builder set up offices in Algeria, Kazakhstan and Columbia. Currently, Hyundai E&C operates 20 overseas branches around the world.
``This year, we established a foothold in China and South Africa, which helped us win a contract to build a power plant in the Ivory Coast. We will further expand our reach to explore the rapidly developing markets,’’ he said. ``In 2012, we aim to secure orders valued over $10 billion.’’
The company also plans to enter new business sectors to achieve a long-term, sustainable growth. It has explored opportunities to develop crude oil fields and other resources, as well as obtained technology to win orders for building wastewater treatment plants and nuclear power facilities.
``Since we won an order from the United Arab Emirates to build nuclear power plants there, we have earned recognition from around the world for our know-how and technology. We will do our best to capitalize on the rapidly expanding global nuclear power sector,’’ the spokesman said. ``At the same time, we have tried to emerge as a comprehensive real estate developer overseas to build futuristic urban centers.’’
The firm also plans to become an all-round builder. ``On top of undertaking construction projects, we will strengthen our ability to procure orders and engineer them. We will create synergy with our auto and steel affiliates to become one of top global construction firms,’’ the company said.