Samsung C&T expands with 'high-quality' partnership
The construction site of a mine project Samsung C&T is undertaking in Australia / Courtesy of Samsung C&T
By Park Si-soo
Samsung Construction and Trade (C&T) is pushing hard to carve out a big piece of the global market for itself.
It will conduct aggressive marketing campaigns throughout the year to expand its operations in Southeast Asia and the Middle East. The company will also strengthen its partnership with global construction giants to put itself in a better position to win lucrative deals.
Samsung C&T aims to secure overseas deals worth 15.7 trillion won ($14.2 billion), up from 13.8 trillion won in 2014.
“Based on the competitiveness we have built up with successful experiences and knowhow, the company will be able to win new customers and generate sustainable growth,” a Samsung C&T spokesman said. He said the company sees great potential in Singapore, Malaysia, Saudi Arabia and Qatar.
He emphasized the need for “long-term partnerships” for the company’s overseas expansion, saying it is all but impossible to win “high-quality” deals without them.
“We try to strengthen partnerships with a great level of care and consideration,” he said. “We first provide solutions our potential customers may be looking for, with no strings attached. This is a way we build up partnership.”
As a result, the company was able to win several lucrative deals in India, Singapore, Saudi Arabia, Qatar and the United Kingdom, he said.
Samsung C&T is also known to have secured major deals thanks to its advanced technological prowess.
One of the achievements through this approach was the securing of a $5.8 billion iron mine project in Australia.
The builder has been constructing the mine’s processing plant facilities, a 340-kilometer railway line and port facility, since it won a $5 billion order from Australian billionaire Gina Rinehart’s Roy Hill Holdings. It is Samsung C&T’s biggest single project to date.
In August, the company won an engineering, procurement and construction project to expand Singapore’s first liquefied natural gas terminal on Jurong Island. The $542 million project, commissioned by the Singapore LNG Corp., a subsidiary of Singapore Energy Market Authority, is expected to be completed by 2018.
In November, Samsung C&T signed a deal to build a landmark skyscraper in Kuala Lumpur, Malaysia. The $310 million project will involve constructing three high-rise towers and a boulevard accommodating restaurants and an entertainment hub.
It will also feature Malaysia’s first Star Walk of Fame ― a 200 meter-long stretch dedicated to both local and international celebrities similar to Hollywood’s Walk of Fame.