South Korea’s Hyundai Engineering & Construction (Hyundai E&C) has signed a memorandum of understanding (MOU) for strategic partnership with China Construction Sixth Engineering Bureau (CCSEB), a major subsidiary of China State Construction Engineering Corporation (CSCEC) Group.
The signing ceremony took place at the Mandarin Oriental Hotel in Singapore, attended by key officials from both companies, including Hyundai E&C chief executive officer Yoon Young-joon and CCSEB chairman Wang Jin.
Hyundai E&C said that through the MOU, the two companies plan to seek a wide range of cooperative measures, such as partnering in major infrastructure projects in Southeast Asia, exploring opportunities to participate in Asian Infrastructure Investment Bank-funded projects, increasing price competitiveness through mutual cooperation, creating synergy in high-rise building and real estate investment projects, and identifying projects to become preferred bidders.
CCSEB is a leading construction player that operates in many business areas, including architecture, social infrastructure construction, as well as real estate investment and development. It is one of the major subsidiaries of CSCEC Group, which is the world’s no. 1 construction group according to 2022 ENR Global (2021 revenue basis). Currently, CCSEB is actively running its businesses in the Philippines, Sri Lanka, and Brunei.
Built on its world-class technology and know-how in overseas construction projects, Hyundai E&C plans to capitalise on the global network of CCSEB to explore new untapped markets in Southeast Asia and Africa. CCSEB also intends to leverage its abundant capital and manpower to strategically partner with Hyundai E&C to actively enter global markets.
“We plan to identify various projects and seek practical results through partnership with the world’s largest construction group,” said Mr Yoon. “Such mutual cooperation is expected to further enhance competitiveness and maximise synergy in the global construction market.”
“We are pleased to become a strategic partner of Hyundai E&C, which is recognised for its advanced technology and construction capabilities in overseas construction markets,” added Mr Wang. “We hope that both companies will actively cooperate to produce tangible results in the global markets in the future.”
Image: Hyundai E&C