Minister Park Sang-woo of the Ministry of Land, Infrastructure and Transport said on the 16th, "To achieve $2 trillion in overseas construction orders, we need to move beyond simple orders and engage in project development that encompasses planning and development," adding, "The alliance among the construction, manufacturing, and financial industries is important."
Minister Park attended a "Grand Forum for Early Achievement of $2 Trillion in Overseas Construction Orders" held at the Westin Chosun Hotel in Jung-gu, Seoul, where he noted that integration among the construction, manufacturing, and financial industries can expand overseas construction orders.
The event was organized to seek the direction of future overseas construction projects as domestic construction companies' cumulative overseas orders surpassed $10 billion last year.
Minister Park stated, "There was a time when construction companies solely focused on digging, but now we have integrated finance and developed investment planning capabilities, transforming the construction industry into a skilled and sizable industry compared to the past," adding, "If we proceed with industry-specific integration, we can achieve even greater results."
Minister Park emphasized that new preparations are needed to enter the era of $20 billion in overseas construction orders. He remarked, "We stand at a turning point where we must prepare for the $2 trillion era under completely different conditions from the past," and that "the global market is experiencing rapid growth in new development demands such as urban transportation networks, carbon-neutral energy, and disaster response systems amid significant changes in population demographics, climate crisis responses, and digital transformation."
He further noted, "These changes present us with further opportunities," emphasizing, "While the $1 trillion achieved so far was centered on civil engineering, architecture, and plants, the future $1 trillion must be pursued in new growth industries integrated with digital technology, eco-friendly energy, and smart infrastructure."
In particular, Minister Park stated that strategies should be devised to secure projects with high added value. He emphasized, "We have built trust in completing numerous overseas projects within the specified time and budget, known as 'On time, On Budget,' which can be regarded as South Korea's unique competitiveness that meets the current global demand for sustainable and advanced infrastructure."
Minister Park added, "Now, based on these technologies and experiences, we should pursue export strategies that extend the added value encompassing planning, design, construction, and investment," and stressed, "It is time to further expand South Korea's economic territory, based on the K-construction brand, covering both advanced and emerging markets."
Minister Park announced that policy support would also be strengthened. He stated, "The government will support our corporations' business development, implementation, and resolution of difficulties, and will further enhance policy financing such as the PIS fund to create conditions that allow corporations to operate more freely."