November 18, 2024

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Daewoo E&C Chairman Jung Won-ju (left) engages in discussions with Turkmenistan President Gurbanguly Berdimuhamedov during the president's visit to South Korea in November 2022. (Daewoo E&C)

Daewoo E&C is making significant strides in its global expansion efforts, securing major projects across Central and Southeast Asia under the leadership of Chairman Jung Won-ju, the company announced Friday.

Celebrating its 51st anniversary this year, Daewoo E&C has reaffirmed its vision of evolving into a company moving into the next century by tapping broader overseas markets and addressing challenges in the sluggish domestic construction industry.

A prime example is the Turkmenistan Mineral Fertilizer Plant project, which was awarded to the company in October.

Despite the builder’s limited experience in Central Asia, Jung’s proactive efforts, including a meeting with Turkmenistan President Gurbanguly Berdimuhamedov in Korea in November 2022, facilitated agreements for two fertilizer plants. Over the past two years, the chairman has visited Turkmenistan four times, culminating in the successful acquisition of the project bid, Daewoo E&C said.

During his visits to Turkmenistan, Jung established strong ties with high-ranking officials, including the president and key ministers, as well as the mayor of Ashgabat, the capital of Turkmenistan.

“To achieve our goal of becoming a century-spanning company, expanding globally is imperative. The chairman and the management team’s focus on international business exemplifies our commitment to transforming Daewoo E&C into a global construction developer,” Daewoo E&C official said.

Jung expressed keen interest in supporting Turkmenistan’s broader development goals, such as the Ashgabat New Town Project, green energy and infrastructure initiatives. At the CIET2024 conference in November, Ashgabat Mayor Rahym Gandymov, invited Daewoo E&C to collaborate on the city’s smart city and urban development programs.

Daewoo E&C envisions Turkmenistan as a key hub in the Central Asian market, with continued investments expected in urban infrastructure and green energy projects.

A rendering of Kien Giang urban city, currently under development in Vietnam (Daewoo E&C)

While exploring new markets like Turkmenistan, Daewoo E&C is also expanding its expertise in urban development abroad.

Building on its extensive experience in residential projects in South Korea, the company is leveraging its successful Starlake City project in Vietnam to drive further international growth.

Under Jung’s vision, Daewoo E&C will seek to integrate its global networks with its parent Jungheung Group’s expertise to create synergies for large-scale urban projects.

In his New Year’s address, the chairman emphasized the need for Daewoo E&C to transition from a conventional construction company into a global developer capable of managing end-to-end urban development projects. With a focus on leveraging its strengths in domestic and international projects, the company aims to play a pivotal role in global urban development.

From 2022 to this year, Jung has traveled 16 countries, building partnerships from New Jersey to Nigeria, Singapore and Indonesia.

A key achievement was the approval of Daewoo E&C’s investment in Vietnam’s Kien Giang Urban City Project in August. Spanning some 963,000 square meters in Thai Binh province, the project involves a $390 million investment over the next decade to develop residential, commercial and public housing infrastructure.

Daewoo E&C Chairman Jung Won-ju (second from right) attends the CIET2024 conference in Ashgabat, Turkmenistan, and meets with Baymyrat Annamammedov (center), Turkmenistan's deputy prime minister for energy, construction and industry, Nov. 5. (Daewoo E&C)

Leveraging its experience in the Starlake City project, Daewoo E&C has crafted an integrated development model for Kien Giang, blending residential, commercial, educational, green and cultural elements into a cohesive urban plan. Looking ahead, the company is exploring opportunities in Indonesia, India, Nigeria and Canada, with a long-term goal of increasing its overseas revenue share to 70 percent.

The company’s strong portfolio in regions such as Nigeria, Vietnam, Iraq and Libya — spanning liquefied natural gas, power, petrochemicals, ports and fertilizer plants — positions it well for global expansion. Efforts to diversify its overseas projects are ongoing, with new markets like the Czech Republic being explored.

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