Ministry of Land, Infrastructure and Transport Analyzes 6 Countries Including Ukraine and UAE to Support Corporate Overseas Expansion

Expansion to 6 Promising Countries for Analysis
High Value-Added Urban Development and EU Construction Regulations
Concurrent Promotion of Thematic Research

Minister of Land, Infrastructure and Transport nominee Park Sang-woo is smiling at the confirmation hearing held at the National Assembly on the 20th. Photo by Hyunmin Kim kimhyun81@

The Ministry of Land, Infrastructure and Transport announced on the 28th that it will expand its in-depth information analysis project from one country to six countries. Along with this, thematic research on overseas urban development projects will also be promoted. The selection will focus on emerging markets, strategic countries, and key partner countries where Korean companies are actively entering and securing contracts.

The advanced in-depth information project for promising countries is a project initiated by the Ministry of Land, Infrastructure and Transport since 2021 to address difficulties in local market entry caused by the lack of market information such as complex construction laws, taxation, and permits in local languages. So far, in-depth analyses have been conducted on Vietnam, Indonesia, and Saudi Arabia. This year, key countries such as Australia (investment and development projects), India (transport infrastructure), Canada (eco-friendly energy), Ukraine (reconstruction market), Poland (European entry hub), and UAE (nuclear power and decarbonization) have been selected.

To this end, the project budget has been significantly increased to 2 billion KRW (previously 300 million KRW), and opinions were gathered through corporate surveys and expert advisory meetings. Additionally, to activate entry into urban development and smart cities, laws on urban development, land compensation, and real estate sales systems in major countries such as Vietnam and Indonesia were analyzed.

Information on entry into advanced markets will also be provided. The Ministry plans to investigate entry regulations such as European Union (EU) construction regulations, public procurement, and subsidies. Starting from the 29th, the Ministry of Land, Infrastructure and Transport will officially commence the project by recruiting service agencies, and the collected information will be immediately provided through the Overseas Construction Integrated Information System (OCIS).