Daewoo E&C signs MOU with Chinese construction giant

Daewoo Engineering & Construction (E&C) said Tuesday it has signed a tentative agreement with the China State Construction Engineering Corporation (CSCEC), a state-owned construction giant, to pursue joint international infrastructure projects.

A memorandum of understanding signing ceremony was held between Daewoo Engineering & Construction (E&C) and China State Construction Engineering Corporation in Beijing. [YONHAP]

Daewoo Engineering & Construction (E&C) said Tuesday it has signed a tentative agreement with the China State Construction Engineering Corporation (CSCEC), a Chinese state-owned construction giant, to pursue joint international infrastructure projects.

Under the memorandum of understanding signed Monday in Beijing, the companies plan to collaborate on international infrastructure projects financed by official development assistance loans from the Asian Development Bank (ADB) and the Economic Development Cooperation Fund, Daewoo said.

The two sides will also explore opportunities for cooperation on global airport projects and real estate development projects in international markets.

Founded in 1957, the CSCEC is a global construction giant that operates in over 140 countries. It has been ranked as the world’s top construction company for eight consecutive years by renowned construction and engineering publication ENR.

The two companies have agreed to collaborate on the main package project of the Bataan-Cavite Interlink Bridge project in the Philippines, which is slated for bidding soon. This project is being commissioned by the ADB and the Asian Infrastructure Investment Bank.

Daewoo E&C Chairman Jung Won-ju expressed optimism about the partnership with the CSCEC, saying, “We can maintain a mutually beneficial cooperative relationship across various sectors, including construction and infrastructure.”

Yonhap