Hyundai Engineering & Construction Co., Korea’s largest contractor, is leading the industry’s transition with a range of contracts for skyscrapers, infrastructure and plants.
While 83 percent of overseas construction projects that a majority of domestic companies are running largely involve building power plants or development facilities, Hyundai E&C has diversified its project portfolio in a number of different international markets through new contracts for green energy production and harbor works in Middle Eastern countries like Kuwait and the United Arab Emirates.
Under the five-year plan to promote overseas construction, the government has proposed a mid- and long-term strategy to fit the rapidly-changing global market climate, involving measures to diversify markets and project types to explore future growth industries such as green technology-related businesses.
The plan focuses on practical strategies for a shift to higher value-added businesses, improved profitability and the development of niche markets, while diversifying project portfolios to occupy new areas such as green energy resources such as nuclear, water, wind and tidal power, which has been emphasized due to hikes in oil prices and the growing need for renewable energy.
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