Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Daewoo E&C expands global footing under chairman's leadership
Daewoo Engineering & Construction (Daewoo E&C) Chairman Jung Won-ju speaks during a New Year's address at its headquarters in Seoul, Jan. 3. Courtesy of Daewoo E&C
By Lee Min-hyung
Daewoo Engineering & Construction (Daewoo E&C) Chairman Jung Won-ju is intensifying efforts to boost overseas sales, aiming to expand the company's global presence amid sluggish construction market sentiment here.
This is part of the chairman's extensive efforts to widen the firm’s overseas operations by actively engaging with business leaders abroad. This initiative is crucial, given the lack of immediate signs of a recovery in the local market, which continues to grapple with high interest rates and escalating construction costs, according to the construction firm.
Jung has visited a total of 15 countries ever since Daewoo E&C was integrated into Jungheung Group in March 2022. Last year, Jung visited new city development sites in Nigeria, and held talks with global development firms to seek fresh business opportunities there.
His business trip encompassed not only traditional hub markets in Africa and Asia but also new territories in North America and Central Asia, including the U.S., Canada, Turkmenistan, Rwanda, and Cambodia. This underscores his commitment to enhancing the firm’s global footprint as a construction developer, according to the construction firm.
Earlier this year, he emphasized the importance of generating increased profits and fostering growth, not only in traditional construction sectors but also in advanced new city development projects.
Daewoo E&C’s strategy to strengthen overseas urban development projects has garnered growing attention. The drive is proven by its latest involvement in the Hanoi Starlake City development project in Vietnam.
“Due to fluctuations in liquidity and policies, it is an unavoidable reality that the domestic real estate market continues to experience cycles of growth and decline for the time being,” an official at Daewoo E&C said.
“Furthermore, the domestic public market is constrained by economic scale limitations. Therefore, it is crucial for us to transform into a global construction firm by expanding into overseas markets. Under the leadership of the chairman, we are committed to rallying the determination of our employees to propel us to become a prominent global construction developer."