Guarantees for Overseas Construction Proposed
The Overseas Construction Association(OCA) is trying to establish a multinational special corporation, where domestic and foreign financial companies, including the International Finance Corporation (IFC) participate, in order that construction companies get a written guarantee at little cost to the companies.
Kim Dae Young, Chairman of OCA, stated,'I am negotiating with domestic and foreign financial companies to supply investment money to establish the corporation'.
He also said, 'If the multinational special corporation is established, the competitivness of Korean costruction companies is expected to increase. This is because the guarantee commission of construction dwindles to 1 percent at most from the maximum 5 percent of the total cost for construction.
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