Korea Technology Subsidiary Receives Commendation at the 2020 Construction Cooperation Promotion Awards

Seoboknam, CEO of Daewoo Shipbuilding & Marine Engineering Construction.

[Asia Economy Reporter Jang Hyowon] Korea Technology, a KOSDAQ-listed company (CEO Shin Yonggu and Lee Byunggil), announced on the 27th that its subsidiary Daewoo Shipbuilding & Marine Engineering Construction (Chairman Kim Yongbin) received a Commendation Award at the '2020 Construction Cooperation Promotion Awards.'

Now in its 16th year, the Construction Cooperation Promotion Awards ceremony honors outstanding companies and construction professionals who have contributed to establishing transparent and fair subcontracting relationships in the construction industry, promoting mutual growth, and improving the image of construction projects.

Daewoo Shipbuilding & Marine Engineering Construction was recognized as a model company trusted by customers through the practice of fair trade and win-win growth, earning the Commendation Award.

The company received high evaluations for ▲expanding the electronic procurement system for fair trade ▲expanding systems to increase bidding opportunities ▲compliance with laws for fair subcontracting transactions ▲reducing stamp duties and guarantee limits for partner companies ▲introducing an electronic payment system to foster a transparent transaction culture ▲supporting education on quality and safety ▲signing contracts for the use of patents and new technologies.

In particular, the introduction of the electronic payment system received great acclaim. By actively utilizing LaborCost.com, Subcontractor Guardian, and Payment e-Baro, the company strictly adheres to payment deadlines, provides confirmation of contract performance guarantees through periodic settlements based on progress rates, and leads efforts to establish a sound subcontracting culture.

Additionally, through on-site safety inspections and enforcement of safety management for partner companies, the company has reduced the industrial accident rate to one-third of the industry average, carefully ensuring the safety of partner company employees.

CEO Seo Boknam said, “We received the Commendation Award as a result of our best efforts for win-win cooperation with partner companies,” and added, “We will continue to solidify our position based on diverse construction experience and ethical management and lead a transparent construction culture.”

He continued, “It is encouraging that new orders for Daewoo Shipbuilding & Marine Engineering Construction have explosively increased since November,” adding, “The achievements of orders secured this year by the dedication of our executives and employees have laid the foundation for rapid growth early next year.”

In November alone, Daewoo Shipbuilding & Marine Engineering Construction secured new orders worth 223 billion KRW, including Bucheon Sinheung Street Housing (14 billion KRW), Busan Gijang Apartment (41.7 billion KRW), Sacheon Songji Regional Housing (115.5 billion KRW), and Daegu Sinam Residential-Commercial Complex (51.8 billion KRW). It is especially noted that similar-scale orders are expected in December, drawing attention to the final sales performance for this year.