Daewoo E&C gears up for global expansion

South Korean builder Daewoo E＆C is accelerating its overseas operations, gearing up to become a top global developer.

To support Daewoo E＆C's efforts, Jungheung Group Vice Chairman Jung Won-ju, along with a business delegation, met with newly elected Philippines President Ferdinand Marcos Jr. earlier this month to discuss potential roles the construction company could play in developing the island nation’s infrastructure and real estate. Jungheung Group is the largest shareholder of Daewoo E＆C, and is also the parent company of The Korea Herald.

Jung also met with officials from Philippine construction firm LCS Group, which is currently carrying out a major development project in the nation’s capital Manila. The two firms agreed to cooperate throughout the project starting with the initial master plan.

Meanwhile, Jung also met with Vietnamese Deputy Prime Minister Pham Binh Minh in June as well as officials from Texas and New Jersey in May to discuss real estate plans.

During his meeting with Vietnamese Deputy Prime Minister Minh, Jung discussed the progress of Daewoo E＆C’s Starlake City project in Hanoi and other potential investments.

When meeting with US officials, Jung signed a memorandum of understanding concerning real estate development.

The builder’s leap into the global market, and Jungheung Group’s continued support, show the synergy between the former’s international real estate development experience and the latter’s success in the domestic development market, according to Daewoo E＆C.

“The role of a developer in the global construction market requires a competitive edge in all parts of the development process, from planning and financing to constructing and operating,” said a Daewoo E＆C official.

“Through our synergy with (Jungheung) Group, we will do our best to establish our foothold as a global construction developer,” the official added.

By Lee Seung-ku (seungku99@heraldcorp.com)