Ministry of Finance and Economy in Sejong Government Complex. [Photo by Kim Yoo-jin]
The South Korean government is taking steps to diversify its overseas construction contracts in response to prolonged instability in the Middle East.
On June 23, the Export Plus Support Team of the Ministry of Finance and Economy held a "Global Contract Plus Meeting" at the Korea Export-Import Bank in Yeouido, Seoul.
The meeting was organized to expand the overseas construction contract base for South Korean companies amid ongoing geopolitical uncertainties in the Middle East. The government is looking to move beyond a contract structure focused on the Middle East and plants, exploring opportunities in promising future sectors such as eco-friendly and digital technologies.
Participating companies included LG CNS in the data center sector, Incheon International Airport Corporation in airport operations, Woojin Electric & Machinery in railways, Estraffic, a specialist in intelligent transportation systems (ITS), and Plan M, a modular construction firm.
These companies shared insights on global contract trends and their business experiences while also voicing challenges faced during their overseas expansion. They proposed increased support for feasibility studies, assistance with local certifications, enhanced government-to-government (G2G) cooperation, and expanded policy financing.
Representatives from the Ministry of Land, Infrastructure and Transport, the Ministry of Trade, Industry and Energy, the Overseas Construction Association (ICAK), the Korea Overseas Infrastructure City Development Support Corporation (KIND), the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Export-Import Bank, and the Korea Trade Insurance Corporation also attended the meeting to discuss support measures.
Yoo Beom-min, deputy head of the Export Plus Support Team, stated, "Future promising sectors that combine eco-friendly and digital innovative technologies will become a new high-value contract model for South Korea to lead the global market. We will closely collaborate with relevant agencies to establish a continuous support system that leads to tangible contract outcomes."
On June 23, the Export Plus Support Team of the Ministry of Finance and Economy held a "Global Contract Plus Meeting" at the Korea Export-Import Bank in Yeouido, Seoul.
The meeting was organized to expand the overseas construction contract base for South Korean companies amid ongoing geopolitical uncertainties in the Middle East. The government is looking to move beyond a contract structure focused on the Middle East and plants, exploring opportunities in promising future sectors such as eco-friendly and digital technologies.
Participating companies included LG CNS in the data center sector, Incheon International Airport Corporation in airport operations, Woojin Electric & Machinery in railways, Estraffic, a specialist in intelligent transportation systems (ITS), and Plan M, a modular construction firm.
These companies shared insights on global contract trends and their business experiences while also voicing challenges faced during their overseas expansion. They proposed increased support for feasibility studies, assistance with local certifications, enhanced government-to-government (G2G) cooperation, and expanded policy financing.
Representatives from the Ministry of Land, Infrastructure and Transport, the Ministry of Trade, Industry and Energy, the Overseas Construction Association (ICAK), the Korea Overseas Infrastructure City Development Support Corporation (KIND), the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Export-Import Bank, and the Korea Trade Insurance Corporation also attended the meeting to discuss support measures.
Yoo Beom-min, deputy head of the Export Plus Support Team, stated, "Future promising sectors that combine eco-friendly and digital innovative technologies will become a new high-value contract model for South Korea to lead the global market. We will closely collaborate with relevant agencies to establish a continuous support system that leads to tangible contract outcomes."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.