Chairman Jung Wonju Leads Daewoo E&C's Overseas Expansion, Securing 11 Trillion Won in Orders by Q3

At the beginning of this year, Daewoo Engineering & Construction set its order target at 14.2 trillion won when drawing up its business plan. By the third quarter, the company had achieved 11.1556 trillion won in orders, reaching approximately 79% of its target. This performance was achieved despite persistent uncertainties in both domestic and global economies, as well as the added burden of rising construction costs, making the overall business environment for the construction industry particularly challenging.

This outcome reflects the company’s strategic decision to prioritize securing a sufficient order backlog, recognizing that proactive order acquisition is essential for establishing a stable foundation for the future. By increasing both domestic and overseas orders, Daewoo E&C has strengthened its business portfolio and secured long-term growth potential.

Jung Wonju, Chairman of Daewoo Engineering & Construction, is paying a courtesy visit to Gurbanguly Berdimuhamedow, the Supreme Leader of Turkmenistan. Photo by Daewoo Engineering & Construction

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Daewoo E&C’s overseas business is now delivering tangible results. With strong support and network expansion efforts led by Chairman Jung Wonju, the company has expanded beyond its key markets of Nigeria, Vietnam, and Iraq to enter new markets in Central Asia. Last year, Daewoo E&C pursued the Kien Giang New City development project in Vietnam, and this year, it newly entered Turkmenistan.

To enter Turkmenistan, the company established a local branch in 2023. Seizing business opportunities aligned with the local government’s economic diversification policy and the resulting increase in demand for infrastructure and urban development, Daewoo E&C secured a mineral fertilizer plant project worth over 1 trillion won. In addition, the company is reportedly in the final contract stages for several new projects, such as the Czech nuclear power plant and the Iraq naval base. Large-scale projects underway in Nigeria and Papua New Guinea are also expected to yield results soon.

Given the progress of these projects, the company internally expects to exceed its initial overseas order target for the year. It is also anticipated that the overall annual order target will be achieved without difficulty. A company representative stated, "We have established global competitiveness across a diverse portfolio, including nuclear power, ports, LNG, fertilizer plants, and urban development," adding, "As these markets are expected to continue growing, we believe we can secure additional overseas orders going forward."

Kim Bohyun, CEO of Daewoo E&C (fifth from the left), and other officials are taking a commemorative photo after signing the financial agreement for the GTX-B private investment project financing (PF). Provided by Daewoo E&C

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Domestically, Daewoo E&C has secured a stable pipeline of residential projects, including the Gaepo Jugong Complex 5 redevelopment (697 billion won), Seoul Yeongdeungpo District 1-11 urban environment improvement project (510.3 billion won), Busan Summit The New (1.5162 trillion won), Tapseok Prugio Park 7 (642.1 billion won), and the Gimpo mixed-use new construction project (940.9 billion won).

The company has won a variety of projects, including major urban redevelopment projects in Seoul, proprietary developments, and general contracting. Although not yet reflected in the order figures, Daewoo E&C has also been selected as the contractor for several major redevelopment projects in Seoul this year, such as the Cheonho-dong area redevelopment, Mullae-dong 4-ga redevelopment, Cheongpa District 1 redevelopment, and Yuwon Jeil 2nd reconstruction.

In the non-residential sector, the company secured public and private projects such as the Hongcheon pumped-storage power plant units 1 and 2 (335.7 billion won) and the Isu-Gwacheon complex tunnel. By increasing its equity stake in the Greater Seoul Metropolitan Express Railway (GTX)-B line and finalizing the financial agreement, Daewoo E&C also succeeded in increasing the project budget. The company is regarded as having further solidified its position in the domestic infrastructure sector. Since a concentration of orders in a specific field can increase risk in terms of both business and finance, the company’s strategy is to maintain balanced order acquisition to ensure stable growth momentum.

A Daewoo E&C official stated, "We plan to continue discovering high-quality projects and strengthening our order competitiveness to expand our future growth engines," adding, "We will do our utmost to further solidify our position in the global market and achieve results that exceed our annual targets."

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