Jeong Won-ju, Vice Chairman of Joongheung, Meets Philippine President to Discuss "Expanding Local Investment"

Jung Won-joo, Vice Chairman of Joongheung Group (third from the right), is taking a commemorative photo after a meeting with Philippine President Marcos Junior (fourth from the left), Shavit Singson, Chairman of LCS Group (third from the left), and current National Assembly member Rischel (second from the right).

Jung Won-joo, Vice Chairman of Jungheung Group, the major shareholder of Daewoo E&C, met with Ferdinand Marcos Jr., President of the Philippines, to discuss local infrastructure and real estate projects.

According to Daewoo E&C on the 17th, Vice Chairman Jung, along with Daewoo E&C executives, visited the Philippines from August 13 to 16, meeting consecutively with local partners and high-level officials to exchange broad opinions on investment projects in various fields.

On the 15th, he had an audience with President Marcos Jr., who took office on June 30, expressing a strong commitment to advancing investment projects in infrastructure and real estate development in the Philippines.

At the meeting, Vice Chairman Jung said, "We are exploring business opportunities in various sectors in the Philippine market, which has limitless growth potential based on political stability. In particular, Jungheung Group, which has abundant know-how in development projects such as urban development, and Daewoo E&C, which has strengths in overseas business execution, are jointly promoting expanded investment in infrastructure and real estate development projects in the Philippines."

In response, President Marcos Jr. said, "We welcome Jungheung Group and Daewoo E&C's active plans to expand investment," adding, "We look forward to continuous consultations and cooperation in various fields, especially with great interest in the renewable energy sector."

Additionally, Daewoo E&C expressed interest in domestic nuclear power plant projects in the Philippines and introduced its landfill gas power generation projects underway in Indonesia, agreeing to jointly explore ways to apply these to the Philippines.

They also exchanged views on actively participating in infrastructure development projects currently underway in the Philippines. In this regard, on the 16th, Vice Chairman Jung and Daewoo E&C executives held further discussions with Manuel M. Bonoan, Minister of Transportation of the Philippines.

At the meeting, Daewoo E&C conveyed its intention to participate in large-scale infrastructure projects such as major bridge projects currently being promoted in the Philippines using ODA (Official Development Assistance) and PPP (Public-Private Partnership) projects. The Philippine Department of Transportation agreed to provide detailed information on planned projects such as large bridges and roads and expressed willingness to cooperate in various fields.

Meanwhile, Daewoo E&C also agreed to jointly develop a large-scale complex development project in downtown Manila, promoted by LCS Group (Chairman Luis Chavit Singson), which attended the meeting with President Marcos Jr., cooperating from the initial master plan establishment stage.