Ministry of Land, Infrastructure and Transport Discusses Overseas Order Strategies at Mid-sized and Small Business CEO Meeting

Deputy Minister Lee Won-jae of the Ministry of Land, Infrastructure and Transport Presiding

[Asia Economy Reporter Kim Min-young] On the 14th, the Ministry of Land, Infrastructure and Transport held the 'Overseas Construction Mid-sized and Small Business CEO Meeting' chaired by First Vice Minister Lee Won-jae to discuss strategies for revitalizing overseas orders.

This meeting was a follow-up event to the 'Overseas Construction Large Enterprise CEO Meeting' chaired by the Minister of Land, Infrastructure and Transport in August. It was organized to listen to the difficulties faced by mid-sized and small enterprises, which have somewhat limited human and financial resources, in entering the overseas construction market and to strengthen public-private cooperation.

Attendees included representatives from the Ministry of Land, Infrastructure and Transport, Korea Overseas Infrastructure & Urban Development Corporation, Export-Import Bank of Korea, Overseas Construction Association, Dohwa Engineering, Yushin, KCI, Samwoo CM Architecture, SEA STX Entech, and Youngjin General Construction.

The Ministry explained the key points of the 'Overseas Infrastructure Order Revitalization Strategy' announced at the 7th Emergency Economic and Livelihood Meeting chaired by the President and expressed the government's commitment to supporting the expansion of orders for Korean companies.

Additionally, the Ministry introduced current support projects for small construction businesses such as 'project investigation and analysis' and 'legal and tax consulting' through overseas construction market development support programs. They stated that they will continue to discover various projects necessary for overseas expansion tasks and resolving difficulties and actively strive to secure budgets.

Related organizations attending the meeting introduced their support measures for overseas construction orders. The Korea Overseas Infrastructure & Urban Development Corporation plans to provide support for feasibility studies of investment and development projects, create networking opportunities with clients using the Infrastructure Cooperation Center, and prepare support measures for all stages from project discovery to development and financing, including direct investment and financial procurement.

The Overseas Construction Association intends to focus on establishing an overseas construction order platform for public-private cooperation, operating a one-stop help desk to support corporate difficulties, and building and operating an integrated overseas construction information service.

The Export-Import Bank of Korea plans to sign Framework Agreements (F/A) with major clients to pre-agree on key conditions such as credit limits and provide rapid financing. They also announced measures to strengthen the competitiveness of Korean companies' orders, including support for entry into low-credit emerging markets using special accounts.

First Vice Minister Lee Won-jae urged, "The government will continue to actively carry out activities such as dispatching order support teams centered on 'Team Korea,' which involves public and private sectors working together to pioneer overseas construction markets to realize a second Middle East boom. We ask our companies to proactively explore the global construction market."

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