Support for Overseas Urban Development Projects... Overseas Construction Association-Incheon Economic Free Zone Authority Business Agreement

The Overseas Construction Association and the Incheon Free Economic Zone Authority (IFEZA) announced on the 7th that they have signed a Memorandum of Understanding (MOU) to develop overseas urban development projects and support domestic companies' overseas expansion.

Through this MOU, the two organizations agreed to mutually cooperate and support in areas including ▲ sharing local policies, systems, and information for the development and support of overseas urban development projects ▲ mutual cooperation and joint execution for feasibility studies (F/S, MP, etc.) of overseas urban development projects ▲ supporting domestic companies' entry into overseas construction markets ▲ employee exchanges and sharing of work know-how to strengthen mutual capabilities between the institutions ▲ exchanging information and providing support related to education and training conducted by both organizations.

Park Sun-ho, Chairman of the Overseas Construction Association, said, "If the association's expertise and network in overseas construction, market pioneering funds, and international development cooperation projects (ODA) support system are combined with IFEZA's urban development project know-how and government support, it will be an opportunity not only to discover high-quality new business fields but also to explore forming Team Korea together between the public and private sectors. We will do our best to support our companies and IFEZA's overseas expansion in urban development fields, including smart cities."

Lee Won-jae, Commissioner of IFEZA, stated, "Based on our past experience, IFEZA plans to participate more actively in overseas urban development projects. We will strive to ensure that IFEZA's expanded participation in overseas projects serves as a foothold to revitalize our construction companies' entry into the overseas urban development sector."

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