Ministry of Land, Infrastructure and Transport and HKCEA Review Overseas Construction Companies' Orders and Listen to Challenges

Officials from the Ministry of Land, Infrastructure and Transport, the Overseas Construction Association, related organizations, and overseas construction companies are reviewing the current status and prospects of contract awards at a meeting on the 17th. / Photo by Overseas Construction Association

[Asia Economy Reporter Noh Kyung-jo] The Overseas Construction Association announced on the 17th that it held a meeting with overseas construction companies together with the Ministry of Land, Infrastructure and Transport.

The meeting was held to share the current status and outlook of overseas construction orders and external expansion conditions among related overseas construction organizations, and to discuss various issues with companies entering overseas markets. Earlier, the Ministry of Land, Infrastructure and Transport held a meeting with CEOs of overseas construction companies in August. On the 31st of the same month, it announced the "Strategy to Revitalize Overseas Infrastructure Orders" at the 7th Emergency Economic and Livelihood Meeting presided over by the President.

The Ministry guided improvements in the 52-hour workweek system, achieved through consultation with the Ministry of Employment and Labor to improve working conditions for overseas construction workers, as well as the policy direction for overseas construction.

The Overseas Construction Association shared the current status and outlook of overseas construction orders and analyzed the impact of the weak Korean won on the overseas construction industry to facilitate related discussions. The Korea Overseas Infrastructure & Urban Development Corporation (KIND) analyzed and presented the impact of exchange rate increases on the overseas investment and development project (PPP) market, and the Export-Import Bank introduced the External Economic Cooperation Fund system.

Participating companies shared the current status of overseas project orders by company this year, the expected order scale, and the outlook for overseas construction orders next year, while mentioning difficulties encountered when expanding overseas.

Kim Sang-moon, Director of Construction Policy Bureau at the Ministry of Land, Infrastructure and Transport, who presided over the meeting, expressed gratitude and encouragement for the companies' efforts in securing overseas construction orders. Director Kim said, "We will review the difficulties and suggestions proposed by companies and strive to achieve results, such as easing the 52-hour workweek system," adding, "We will make every effort to improve the overseas construction order environment."

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