Hyundai Engineering & Construction Signs Business Agreement with China's CSCEC, the World's Largest Construction Company

[Asia Economy Reporter Kim Hyemin] Hyundai Engineering & Construction announced on the 7th that it has signed a strategic business agreement (MOU) with China State Construction Engineering Corporation (CSCEC) Group, the world's largest construction company, to expand its entry into new markets.

President Yoon Young-jun of Hyundai Engineering & Construction (left) and Wang Jin, Chairman of China State Construction Engineering Corporation Sixth Bureau, are taking a commemorative photo after signing the MOU. (Photo by Hyundai Engineering & Construction)

On the same day (local time), Hyundai Engineering & Construction signed an MOU for strategic cooperation with China State Construction Engineering Sixth Bureau Limited Company (CCSEB, hereinafter China Construction Sixth Bureau) at the Mandarin Oriental Hotel in Singapore. The signing ceremony was attended by Yoon Young-jun, President of Hyundai Engineering & Construction, and Wang Jin, Chairman of China Construction Sixth Bureau, among others.

China Construction Sixth Bureau is a representative construction company engaged in building construction, social infrastructure construction, and real estate investment and development. It is a major group company of China State Construction Engineering Corporation (CSCEC), the world's number one construction company by sales in 2021.

Through this MOU, the two companies plan to create synergy in areas such as cooperation on major infrastructure projects in Southeast Asia, expanding opportunities to participate in financing projects of the Asian Infrastructure Investment Bank, enhancing price competitiveness through collaboration, and promoting super high-rise buildings and real estate investment and development projects. They intend to pioneer new markets such as Southeast Asian countries where they have not yet entered and the African region by utilizing Hyundai Engineering & Construction's technology and know-how and China Construction Sixth Bureau's global network.

President Yoon Young-jun said, "We plan to discover various projects through a partnership with the world's largest construction group and seek tangible results. We hope that the cooperation between the two companies will enhance competitiveness in the global construction market and develop into an opportunity to maximize synergy." In response, Chairman Wang Jin stated, "We hope that the two companies will actively cooperate to achieve visible results in overseas markets in the future."

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