The Korean government will switch to the investment development method from the simple contracting method regarding its overseas infrastructure order winning structure. In addition, the government will consider diversifying Korean companies’ business areas into smart cities and advanced transportation facilities.
The government said on March 6 that they discussed strategy directions to help Korean companies land more lucrative orders in the 7th meeting of the Overseas Infrastructure Order and Investment Support Council.
On the day, the government explained that related ministries were putting forth efforts to transform Korea’s order-winning structure into the investment development type by digressing from the simple contract method.
They concluded that offering competitive financial conditions holds the key to reaching the goal. In addition, discussions were had about how to diversify orders to Korean companies from those for petroleum industry facilities to those for smart cities and advanced transportation facilities.
The Ministry of Land, Infrastructure and Transport requested cooperation from Overseas Infrastructure and Urban Development Support Corporation being set up as an investment development business support organization to help the corporation successfully run.