November 24, 2024

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Daewoo E&C Chairman Jung Won-ju (left, back) shakes hands with CSCEC International Operations Chairman Gao Bo during a business agreement signing ceremony at the CSCEC headquarters in Beijing on Monday. (Daewoo E&C)

Daewoo Engineering & Construction said Tuesday it has signed a strategic partnership with China State Construction Engineering Corporation, the world’s largest construction company by revenue, to team up on international projects.

The signing event was held Monday at the CSCEC’s headquarters in Beijing, where Daewoo E&C Chairman Jung Won-ju and CSCEC International Operations Chairman Gao Bo were present.

Founded in 1957, CSCEC has held the top position in US weekly ENR's Top 250 Global Contractors rankings for eight consecutive years. As of last year, the company reported orders totaling 853 trillion won ($635 billion), sales of 447 trillion won, and operations across more than 140 countries.

Under the new partnership, Daewoo and CSCEC will work together on overseas development assistance infrastructure projects, including those funded by the Asian Development Bank, the Asian Infrastructure Investment Bank and the Economic Development Cooperation Fund. They will also explore opportunities in airport and real estate development projects in the Middle East and other global markets.

The initial collaboration will focus on the Bataan–Cavite Interlink Bridge project in the Philippines, which is set to be bid upon.

The project, commissioned by the ADB and AIIB, includes a 25.2-kilometer sea bridge, a 7-kilometer land bridge, and a 7-kilometer road, and will be divided into six bidding packages.

"Based on the global network and technology of the two companies, we expect to continue to maintain win-win cooperation in various business areas, including architecture and infrastructure, to create synergy in the global market," Chung said.

Daewoo E&C has recently been diversifying its business portfolio, focusing on overseas city development projects and global infrastructure using ODA funds. The company recently earned approval for its Kien Giang urban residential area project in Vietnam's Thai Binh province.

By Kim Hae-yeon (hykim@heraldcorp.com)