Hanshin Engineering & Construction announced on the 20th that Chairman Choi Yong-seon met with Hun Manet, Prime Minister of Cambodia, at the Lotte Hotel Seoul on the 17th to discuss plans for expanding local business.
Chairman Choi Yong-seon of Hanshin Engineering & Construction and Hun Manet, Prime Minister of Cambodia, are taking a commemorative photo during their meeting at Lotte Hotel Seoul on the 17th. Photo by Hanshin Engineering & Construction
At the meeting, Chairman Choi and Prime Minister Hun Manet shared a mutual understanding of the need for infrastructure development and social overhead capital (SOC) construction in Cambodia and discussed future business directions. Prime Minister Hun Manet stated, “Currently, Cambodia is making its best efforts to develop local infrastructure not only in roads and railways but also in renewable energy, water treatment, and logistics warehouses,” adding, “We look forward to Hanshin Engineering & Construction leveraging its long-standing experience and expertise in various construction fields in the future.”
Chairman Choi responded, “Hanshin Engineering & Construction is a leading comprehensive construction company in Korea, spearheading various SOC development projects such as roads, railways, and ports, with abundant experience in infrastructure development. Since entering the Cambodian market in 2015, we have successfully carried out five infrastructure projects, and our financial business, which was launched in Cambodia in 2017 to revitalize the local economy, has also achieved a smooth landing. We will actively work to ensure that our substantial track record and know-how in the local market contribute to Cambodia’s future economic development.”
Hanshin Engineering & Construction signed a contract for the improvement of National Road No. 21 (EDCF) with Cambodia in 2015, followed by the second phase of local road improvement (EDCF) in 2016, the southern section of National Road No. 5, Section 3 (JICA) in 2017, the second phase of National Road No. 21 improvement (EDCF) in 2018, and the improvement of National Roads No. 2 and No. 22 (EDCF) in 2019. To date, the company has successfully completed a total of five sites (worth approximately 280 billion KRW).
The local branches of Chokchei Finance, acquired by Hanshin Engineering & Construction in 2017, expanded from one branch at the time of acquisition to 11 branches by the end of 2022. The scale of operations also grew by 73%, from about 30 million USD at the end of 2020 to 52 million USD at the end of 2022.
Hanshin Engineering & Construction also showed interest in entering new business sectors in Cambodia. Chairman Choi said, “In addition to existing infrastructure projects, Hanshin Engineering & Construction is continuously reviewing various business models that can contribute to Cambodia’s overall economy by expanding into areas such as new town development and industrial complex construction.”
A representative from Hanshin Engineering & Construction stated, “Based on our successful business experience in the Cambodian local market, we plan to strengthen our position as a global comprehensive construction company through continuous business expansion and innovative project execution in the future.”
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