Jeonbuk Development Corporation, Receiving Bids to 'Give Local Businesses a Breather...'

[Asia Economy Honam Reporting Headquarters Reporter Lee Young-tae] Jeonbuk Development Corporation (President Kim Cheon-hwan) announced on the 1st that, as a result of bidding for four recently commissioned construction projects, local companies in the province won 75% of the contracts, indicating that the local construction market will be revitalized despite the economic downturn caused by COVID-19.

The number of local companies awarded contracts by the corporation includes a total of four projects: two electrical construction projects and two information and communication construction projects, which were separately commissioned according to the Electrical Construction Business Act and the Information and Communication Construction Business Act. Since all four projects exceeded the local restriction scale, the bidding announcement mandated that local companies participate in at least 49% joint ventures to increase local company involvement.

According to the bidding results, local companies were selected as the final successful bidders for three projects: the Mansong A-2 Block information and communication construction, Gunsan Geumgwang Happy Housing electrical construction, and information and communication construction. For the Mansong A-2 Block electrical construction, local companies secured 49% of the contract, amounting to KRW 7,736 million, which corresponds to 75% of the total contract amount of KRW 10,316 million.

A corporation official expressed expectations that "despite difficulties such as the economic downturn caused by COVID-19, the local construction market and regional economy will breathe new life."

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