Daewoo E&C builds bridges, growth foundation abroad

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Daewoo E&C builds bridges, growth foundation abroad

Published: 25 Jun. 2025, 17:28

Daewoo E&C Chairman Jung Won-ju, left and Hanoi People's Committee Chairman Tran Sy Thanh meet in the Vietnamese capital in March. [DAEWOO ENGINEERING & CONSTRUCTION]

Riding a wave of successful entries into overseas markets, Daewoo Engineering & Construction (Daewoo E&C) is expected to achieve its management goals overseas this year as the firm gears up for a nuclear power plant project in the Czech Republic. The project would mark the milestone of re-entering Europe, with Chairman Jung Won-ju focused on reviving the company’s legacy as a global construction leader.

Earlier this year, the company’s efforts to launch in new global markets reached Central Asia with the successful signing of a contract worth 1 trillion won ($733.7 million) in May to construct a mineral fertilizer plant in Turkmenistan, breaking into the country and the broader Central Asian market.

Daewoo E&C aims to explore further opportunities not only in petrochemical and fertilizer projects but also in areas such as infrastructure and new city development in the resource-rich country. It also plans to propose various solutions for Turkmenistan’s environmentally friendly initiatives to deepen cooperation.

Since Joongheung Group acquired Daewoo E&C in 2022, Chairman Jung has emphasized that the key to overcoming uncertainty in the domestic construction market lies overseas.

Over the past three years, he has been striving to pioneer new markets and diversify the company’s business portfolio by actively traveling around the world to meet leaders and executives.

The Kien Giang Urban City Project in Vietnam and the fertilizer plant project in Turkmenistan are regarded as noteworthy outcomes for the chairman.

In May, Jung visited Indonesia and discussed the development of infrastructure and property. Last Wednesday, he paid a courtesy visit to Mozambique and met President Daniel Chapo to discuss a local business and cooperation plan based on Daewoo E&C’s experiences in Nigeria and Botswana. The visit bolstered the company’s LNG plans for Mozambique while expanding the market.

Back at home, Daewoo E&C is building a stable order portfolio by achieving solid results in public and urban maintenance projects. The company is trying to offer the best project plan and conditions for its union members instead of maximizing profit, and is actively expanding its involvement in major reconstruction projects in the Gangnam area.

A Daewoo E&C representative stated that the company will continue striving to become Korea’s leading construction firm through global expansion and portfolio diversification.

BY JANG HAYOON [[email protected]]

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