Haegyeonhyeop "Enhancing Economic Growth Engine through Activation of Overseas Construction Orders"

The 47th Regular General Meeting Held... Settlement and Deliberation
Commendations for 8 Places Including Doosan Enerbility and Geonhwa

[Asia Economy Reporter Noh Kyung-jo] The Overseas Construction Association announced on the 23rd that it held the 47th regular general meeting at the Overseas Construction Education Center.

Park Sun-ho, President of the Overseas Construction Association (center), and related officials are taking a commemorative photo at the 47th Regular General Meeting. / Photo by Overseas Construction Association

At the regular general meeting, reports were presented on membership status, business performance for the 2022 fiscal year, overseas construction contract achievements, and the progress of requests for approval of amendments to the articles of association. The fiscal year settlement, business plan and budget for the 2023 fiscal year, amendments to the articles of association, and election of member directors were also deliberated and approved.

Under the goal of "Enhancing economic growth engines through activation of overseas construction contracts" this year, the association selected key tasks including ▲establishing a support system for contract activation ▲strengthening the role of the contract platform and network ▲laying the foundation for innovation in the overseas construction industry and reinforcing support for entry into high value-added industries overseas ▲enhancing foundational capabilities to invigorate overseas construction contracts ▲advancing next-generation information service support systems ▲and reorganizing the education system in response to paradigm shifts in the overseas construction industry.

In particular, the association plans to establish an Overseas Construction Mentoring Center to build a customized support system for each company and act as a bridge between the government and companies through the "One Team Korea Contract Support Group." Additionally, by taking charge of carbon reduction projects in the land and transportation sector, the association will expand support for Korean companies' transition to low-carbon and eco-friendly practices.

Opportunities for convergence and package entry with other industries such as defense, smart farms, and information and communication technology (ICT) will also be explored. The association intends to actively support member companies so they can effectively respond to overseas construction issues and trends and create new business opportunities.

Park Sun-ho, president of the association, stated, "The government and the association are fully committed to activating overseas construction contracts under the vision of 'achieving $50 billion in annual contracts by 2027 and entering the world's top four powers.' During this period, the global construction market is expected to grow at a rate of around 7%, and the full-scale ordering of mega projects such as Saudi Arabia's NEOM City and Indonesia's Nusantara new capital is also anticipated."

Meanwhile, Doosan Enerbility, POSCO Engineering & Construction, Hyundai Engineering, Mechanical Equipment Construction Mutual Aid Association, Geonhwa, Gyeryong Construction Industry, LT Sambo, and Samyoung Enterprise received commendations from the association president for their significant contributions to expanding overseas construction contracts and securing contracts for nuclear power and eco-friendly projects.

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