Accelerating the Export of 'K-Real Estate'... Overseas Construction Association and Korea Real Estate Board Sign MOU

Real Estate-Related Systems and Statistics·Policies Including the Official Land Price System

The Overseas Construction Association and Korea Real Estate Board announced on the 12th that they have signed a Memorandum of Understanding (MOU) to expand overseas advancement in the real estate sector and support domestic companies' overseas expansion.

At the signing ceremony held that morning, both organizations agreed to use this MOU as an opportunity to activate broad exchanges and practical cooperation in areas including ▲ sharing real estate policies, systems, and information for overseas construction development and support ▲ mutual cooperation and joint execution for developing ODA projects in the real estate sector ▲ supporting private companies to pioneer overseas markets in construction and real estate ▲ exchanging and supporting information related to education and training.

Korea's overseas real estate sector first entered the market in 1989 with a housing project in the United States worth 35 million dollars. Since then, 120 companies have secured 190 contracts worth 16.9 billion dollars across 23 countries, but in recent years, there have been no significant achievements.

Park Sun-ho, President of the Overseas Construction Association, emphasized the importance of the Korea Real Estate Board's role, stating, "If the know-how of Korea's advanced official land price system is transferred to developing countries, it will not only enhance the brand value of the Republic of Korea but also increase the overall economic value of both countries in the mid to long term."

He added, "If we combine the association's infrastructure order support capabilities with the 20 billion won scale official development assistance (ODA) management and operation project currently being carried out under the support of the Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board's expertise in the real estate sector, we expect to establish a foothold for discovering high-quality overseas real estate projects as well as supporting private companies' overseas expansion."

Son Tae-rak, President of the Korea Real Estate Board, said, "Korea has experience in rapidly and intensively developing real estate-related systems, statistics, and policies. If this is transferred to developing countries such as Vietnam, Laos, and Uzbekistan, it will not only promote the development of the real estate industry in those countries but also create ripple effects that expand the entry of our engineering and construction companies into the real estate sector."

Meanwhile, as COVID-19 vaccinations expand worldwide, the global construction market is revitalizing, and it is expected that a new infrastructure market worth more than 3 trillion dollars will open over the next decade, mainly in Asia and North America. The Overseas Construction Association plans to actively support the overseas expansion of Korean companies by further strengthening cooperative relationships with related domestic and international organizations.

This content was produced with the assistance of AI translation services.