[Rebuild K-Construction] Korea Expressway Corporation
Padma Bridge and N8 Expressway O&M in Bangladesh
Secures Expressway Investment Project in Turkey
Korea Expressway Corporation is making every effort to steadily expand Korea’s presence on the global stage. While the company initially entered overseas markets with basic technical services such as construction supervision and design consulting, it is now shifting its focus toward high value-added projects, including long-term highway operation businesses.
The company’s overseas contract volume, which stood at 400 million won in its first year in 2005, has reached a cumulative total of 548.8 billion won as of this year. Currently, Korea Expressway Corporation is carrying out 18 projects in 12 countries. During this period, it has played a leading role in enabling Korean private companies to expand abroad and has established a new growth pillar by exporting the “Korean-style road system.”
One of the most symbolic achievements is the operation and maintenance (O&M) project for the Padma Bridge and N8 Expressway in Bangladesh. The company applied domestically proven technologies, such as the Intelligent Transportation System (ITS) and integrated maintenance management systems, to the local context. The Padma Bridge is the largest national infrastructure project in Bangladesh’s history. Since 2022, Korea Expressway Corporation has been solely responsible for the operation and maintenance of the bridge for five years, a contract worth 100.5 billion won. The connected N8 Expressway, with a total length of 55 kilometers, is the first toll road in the country.
Last October, at the financial agreement ceremony for the Nakas-Basaksehir Road Investment Project held in Turkey, officials from Korea Expressway Corporation and others are taking a commemorative photo. Provided by Korea Expressway Corporation
Last year, the company entered the European market by securing the Nakas-Basaksehir Expressway investment project in Turkey. With a project value of 2.1 trillion won, this is the largest overseas project Korea Expressway Corporation has participated in to date. This is the eighth and final section of the Northern Marmara Motorway project in northern Turkey, involving the construction of 31.3 kilometers of four to eight-lane roads, which will be operated by the private sector for 15 years and six months before being transferred to the state under a public-private partnership (PPP) model. The corporation is jointly operating the project with Samsung C&T and Turkey’s leading construction company, Renaissance Construction.
Initially, the consortium consisted only of construction companies and financial institutions, so there was a need to supplement expertise in road operations. By participating as a joint investor, Korea Expressway Corporation secured the project owner’s maintenance and management capabilities. In addition, the company earned the trust of major investors such as the European Bank for Reconstruction and Development (EBRD), which was instrumental in making the project possible. Following the successful bid, in September of this year, Korea Expressway Corporation signed a memorandum of understanding (MOU) with the Turkish General Directorate of Highways for technology exchange in the road and transportation sectors. The company also plans to accelerate the follow-up Istanbul connection route, the Kanalı-Malkara Expressway O&M project.
The company is also actively pursuing expansion into Central and South America. In October of this year, Korea Expressway Corporation signed an MOU with the Inter-American Development Bank (IDB) for cooperation in the road transportation sector to address climate change. The two parties agreed to strengthen their partnership in building road infrastructure, smart transportation, and climate change response in the Americas, including Central and South America. In Ecuador, the company signed a cooperation MOU last month to conduct a preliminary feasibility study for a road improvement project. The project aims to upgrade a 324-kilometer mountainous road connecting Quito, the capital, and Guayaquil, the largest port city, into an expressway. After launching the project with private companies, Korea Expressway Corporation plans to carry out technical investigations and economic feasibility analyses over the next 12 months.
An official from the company stated, "Although the global economic uncertainty makes the overseas contract environment challenging, if we are prepared, it can actually present opportunities. We will do our utmost to ensure that 'K-Roads' expand across the world through aggressive project development and strategic approaches in collaboration with the public and private sectors."
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