Chairman Goes to Indonesia... Daewoo E&C to Participate in New Capital Construction

Chairman Jeong Won-joo of Daewoo E&C continues his aggressive efforts to secure new growth engines.

Jung Won-joo, Chairman, attending the Korea-Indonesia 50th Anniversary Diplomatic Relations Economic Cooperation Forum, is taking a commemorative photo (center in the first row).

Daewoo E&C announced on the 5th that Chairman Jeong visited Indonesia, which marks the 50th anniversary of diplomatic relations, following his visits last month to Nigeria, Egypt, Yemen, and Singapore, where he held meetings with officials to expand the new capital construction project as well as various infrastructure and urban development projects.

Arriving in Indonesia on the 29th of last month, Chairman Jeong met with Budiarsa Sastrawinata, CEO of Ciputra, one of the top 10 real estate developers in the country, and Muktar Widjaja, CEO of Sinaramas, which is engaged in real estate development projects in Indonesia and Singapore, to discuss cooperation plans for development projects in Indonesia.

During the meetings with these business leaders, Chairman Jeong explained Daewoo E&C’s outstanding achievements in projects such as the Hanoi new city development and its global competitiveness in fields like immersed tunnels and LNG plants. He also conveyed that the company has excellent experience in various infrastructure projects, including smart cities and renewable energy, which are expected to be carried out in Indonesia, expressing the company’s intention to participate in construction projects in Indonesia.

Subsequently, on the 30th, Chairman Jeong attended the Korea-Indonesia 50th Anniversary Economic Cooperation Forum, where he built networks with local businesspeople. He also met with Agung Wicaksono, Vice Minister of the New Capital Authority of Indonesia, who attended the event, to express Daewoo E&C’s intention to participate in the new capital construction project. Vice Minister Agung Wicaksono emphasized the need for housing supply due to the capital relocation and expressed hope to jointly study ways to incorporate Korea’s advanced housing culture into Indonesia’s new capital.

At the forum that day, Daewoo E&C also signed a memorandum of understanding for infrastructure business cooperation with Hutama Karya, Indonesia’s largest state-owned holding company in the infrastructure sector, related to the capital relocation project. Indonesia is accelerating preparations to relocate its capital from Jakarta, which is suffering increasing damage due to sea level rise and land subsidence, to the East Kalimantan region. A Daewoo E&C official said, "Various infrastructure projects are actively underway for this, opening new markets for domestic construction companies."

Daewoo E&C already has local experience in Indonesia through participation in LNG plant projects and construction projects, and it is expected to gain new business opportunities in fields such as LNG plants and immersed tunnels, where it has global competitiveness. Therefore, Chairman Jeong’s visit is expected to greatly contribute to building networks for diversifying Daewoo E&C’s local business and expanding the local market.

A Daewoo E&C official explained the significance of Chairman Jeong Won-joo’s visit, saying, “Indonesia is a resource-rich country and a land of opportunity where large-scale projects such as capital relocation are underway. This visit laid the foundation for Daewoo E&C to achieve results in infrastructure construction, including LNG plants, immersed tunnels, and urban development projects, where it has global competitiveness.”