Daewoo E&C chairman engages with Asian leaders to drive market expansion

Daewoo Engineering & Construction Chairman Jung Won-ju, left, poses with former Indonesian President Joko Widodo at the presidential palace in Jakarta, Indonesia, Friday. Courtesy of Daewoo E&C

Daewoo Engineering & Construction Chairman Jung Won-ju has been working to expand the construction developer's presence in Asian markets recently, engaging with the leaders of Indonesia and Vietnam.

According to Daewoo E&C, Jung paid a visit to former Indonesian President Joko Widodo (also known as Jokowi) on Friday and explored ideas for the company's participation in Indonesia's infrastructure projects. The meeting was held at the presidential palace in Jakarta and marked Jokowi's final engagement as president.

During the meeting, Jung praised Jokowi's leadership as a president for 10 years, highlighting how his development policies centered on social infrastructure have driven Indonesia's steady economic growth.

Jung highlighted Daewoo E&C's successful track record in Indonesia and other overseas large-scale projects and expressed the company's interest in participating in new city development and key infrastructure projects in Indonesia, such as a submerged tunnel in the country's new capital, Nusantara. He also reaffirmed the company's intention to invest in the energy sector, including LNG and renewable energy.

Jokowi asked for Daewoo E&C's investments in Indonesia's hydropower projects and participation in the country's renewable energy policy. Particularly, the former president requested Daewoo E&C to invest in projects in Nusantara, sharing information about the incentive programs aimed at attracting foreign investment into Nusantara and the current trends of foreign investments from Australia, Singapore and China.

After meeting Jokowi, Jung also met Indonesian Minister of State-Owned Enterprises Erick Thohir and other business counterparts from leading local companies, including Pulau Indah Group, and reaffirmed Daewoo E&C's commitment to the country.

On Monday, Jung also met Hanoi Mayor Tran Sy Thanh at a hotel in Seoul and discussed cooperation ideas including Daewoo E&C's expansion in Vietnam.

During the meeting, Jung noted that Daewoo E&C's Hanoi Starlake City project "is serving as a platform helping various Korean and global companies, including Samsung Electronics, CJ and Shilla Hotel, to make entry into Vietnam," and the mayor responded by promising the city's interest and supports.

Daewoo E&C is now working on the second phase of the Hanoi Starlake City new town project. Following the approval of Vietnam's government ministry relocation master plan in April last year, 13 central ministries are set to move into the area. Once completed, Starlake City is expected to become a central hub in Hanoi.

"Daewoo E&C plans to expand its portfolio of overseas urban development projects in the medium to long term, and Vietnam stands as the strategic hub in the Asian market," a Daewoo E&C official said. "Leveraging our experiences in Vietnam, we will pursue urban development projects in countries such as India, Indonesia, and Turkmenistan, laying the foundation for growth as a global construction company."