Daewoo E&C, CSCEC to collaborate on overseas projects

South Korea's Daewoo Engineering & Construction Co. (Daewoo E&C) said on Tuesday that it signed a memorandum of understanding (MOU) the previous day with China State Construction Engineering Corp. (CSCEC), the world's largest construction company, to collaborate on overseas projects.

Founded in 1957, CSCEC operates in over 140 countries. Last year, it secured contracts worth $635 billion and generated revenues of $333 billion. It has held the top position in the global construction company rankings by the leading construction and engineering journal ENR for eight consecutive years.

Through this MOU, the two companies plan to collaborate on infrastructure projects funded by official development assistance loans, such as those from the Asian Development Bank (ADB) and South Korea's Economic Development Cooperation Fund (EDCF).

They will also explore cooperation opportunities in global markets, including airport projects and real estate development projects.

As an initial step, the two companies agreed to collaborate on the main package of the Bataan–Cavite Interlink Bridge project, which is scheduled for bidding in the Philippines.

The Bataan–Cavite Bridge in the Philippines is a project commissioned by the Asian Development Bank and the Asian Infrastructure Investment Bank.

The bridge will span Manila Bay, connecting Bataan Province and Cavite Province. It will consist of a sea bridge (25.2 km) and land bridges and roads (7 km), and the bidding will be divided into six packages.

Write to In-Hyeok Lee at twopeople@hankyung.com