Daewoo E&C Chairman Jung Won-ju (left) and Nigeria's Minister of Foreign Affairs Yusuf Maitama Tuggar pose for a photo after a meeting held in central Seoul on June 3. — The Korea Herald
SEOUL: Daewoo Engineering & Construction chairman Jung Won-ju is ramping up efforts to expand the South Korean builder’s global network for new business opportunities abroad, the company says.
According to the company, the chairman has made a total of 19 visits to 15 countries since 2022 when the builder was acquired by Jungheung Group.
He also hosted nine meetings with foreign delegates visiting South Korea during the same period.
Jung’s recent visits to Nigeria, Vietnam, India and Singapore were to strengthen existing ties.
He also embarked on business trips to countries where the company’s business ties have not been fully settled yet, such as the United States, Canada, Turkmenistan, Rwanda and Cambodia.
The goal of Jung’s ongoing business travel is to expand the company’s international network, which can then be leveraged to step up as an international construction company, Daewoo E&C said.
“When participating in construction projects led by the governments or public companies in other countries, building local networks is crucial as it helps the company keep the variables to a minimum in the long run,” Daewoo E&C said.
“Jung’s recent efforts to build networks in other countries are necessary for the company’s overseas operations from a long-term perspective.”
While expanding its global network, Daewoo E&C and Jung are also trying to diversify the company’s business portfolio.
During a New Year’s gathering in January this year, Jung said that the company’s growth will be limited if it continues to remain as a builder, adding that the company should expand to property development to survive in the future.
Jung said Daewoo E&C’s participation in urban development projects would be key to its success as a property developer and expand its portfolio that used to focus on infrastructure projects, involving liquefied natural gas facilities, ports, power plants and bridges. — The Korea Herald/ANN
