K Construction Accelerates Entry into Africa... Overseas Construction Association Order Support MOU

Support for Domestic Companies by the Korea-Africa Foundation

Park Sun-ho, President of the Overseas Construction Association (left), and Yeo Woon-gi, Chairman of the Korea-Africa Foundation, signed a Memorandum of Understanding (MOU) on the 14th to strengthen cooperation in supporting Korean companies' entry into the African market and took a commemorative photo.

The Overseas Construction Association and the Korea-Africa Foundation announced on the 15th that they have signed a Memorandum of Understanding (MOU) to strengthen cooperation in supporting Korean companies' entry into the African market.

Through this MOU, the two organizations agreed to collaborate on △ regional research and information gathering necessary to promote and support Korean companies' entry into the African construction market △ mutual exchange of reports, publications, and experts △ joint hosting and support of seminars and briefings.

As a result of this MOU, the two organizations will establish a system to organically exchange know-how on collecting African market information through accumulated regional research data and human exchanges. This is expected to play a significant role in revitalizing Korean companies' entry into Africa by providing accurate information and strengthening consulting support.

The Overseas Construction Association shares key bidding information and construction trend data collected through its collaborators on its website to support Korean companies entering Africa. Additionally, to help overcome the challenging business environment in emerging markets, it provides initial market development funds. Over the past three years (2018?2020), market development funds totaling 1.1 billion KRW have been provided for 29 projects across 17 African countries.

Park Sun-ho, President of the Overseas Construction Association, said, "This year marks the 60th anniversary since Korea first established diplomatic relations with African countries." He added, "We hope that this cooperation system for information exchange between the two organizations will provide practical information to our companies and activate their entry into Africa." He further stated, "I am confident that this MOU will create a synergy effect in supporting our companies' entry into the African market."