Overseas Construction Order Support Team Supports Export of 'One Team Korea' Package

Won Hee-ryong, Minister of Land, Infrastructure and Transport / Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Noh Kyung-jo] The 'Overseas Construction Order Support Group,' led by the Minister of Land, Infrastructure and Transport, held its inaugural meeting on the morning of the 28th after the launch ceremony.

The Overseas Construction Order Support Group is a consultative body established to identify tasks for expanding overseas orders and to devise entry strategies such as package order methods. It was set up following the 'Overseas Infrastructure Order Activation Strategy' announced at the 7th Emergency Economic and Livelihood Meeting held last August.

Going forward, the group is expected to play a role in formulating and implementing policies by consolidating the capabilities of the government, public institutions, and private companies to help South Korea achieve annual overseas construction orders of $50 billion by 2027 and rise to become the 4th largest country in the global construction market share.

The Ministry of Land, Infrastructure and Transport stated the launch goals as ▲forming a customized One Team Korea ▲establishing strategies for active advancement of Korean companies ▲listening to corporate difficulties ▲and creating a platform for cooperation among companies.

First, through the Overseas Construction Order Support Group, 'major key projects' will be selected considering ripple effects and scale, and a One Team Korea will be formed for each project to provide full support from project discovery to information provision, complaint resolution, diplomacy, and finance. The 'Saudi One Team Korea,' which departed for Saudi Arabia last month on the 4th, is a representative example.

In preparation for the expansion of the overseas construction market, driven by the global trend of increasing infrastructure investment and diversification of client demands, regional entry strategies will also be established. The Middle East and Asia, which account for more than 80% of South Korea's overseas orders, will be the two main markets, while Latin America, Europe, the United States, Australia, and high-risk countries will be three new markets. The plan is to link high-level diplomacy and grant aid to business orders.

Additionally, the Ministry of Land, Infrastructure and Transport and related ministries will establish a tailored support system for each business stage through the Order Support Group, including project discovery support, order diplomacy, and financial support. Issues requiring communication between the public and private sectors, such as difficulties, will also be actively resolved. Opportunities will be provided for active exchanges among private companies in various fields, as well as facilitating exchanges between large corporations and startups.

Meanwhile, despite the COVID-19 crisis and uncertain global economic issues, overseas construction orders this year have exceeded $30 billion for the third consecutive year. According to the Overseas Construction Association, as of the 27th of this month, orders amounted to $30.97 billion, a 1.3% increase compared to last year ($30.58 billion). The association plans to establish a One Team Korea support help desk to guide corporate support systems and provide various order information.

Minister of Land, Infrastructure and Transport Won Hee-ryong said at the launch ceremony, "South Korea is one of the few countries that can secure overseas projects in packages including construction, defense, energy, and digital sectors," adding, "Through the Overseas Construction Order Support Group, we will consolidate our strengths and export all industries overseas together so that companies can showcase their technological capabilities worldwide and the national economy can grow. We will do our best."

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