Korea Expressway Corp. promotes economic development via improved roads both at home and abroad
Roads serve as veins for the economy and industry of a nation, and the Korea Expressway Corp. has been creating veins for Korea's economy and industry since the end of the 1960s. At this time, the nation's economy was in a tough position, with per capita income below US$200. These expressways became the basis for Korea's dramatic economic growth, known as “the Miracle of the Han River.” Koreans can boast one of the world's top ten economies because of the successful completion of such monumental public works as the Gyeongbu (Seoul-Busan) Expressway.
Korea Expressway Corp. plans to expand the length of Korea's expressways to 6,160 km by 2020. When this plan becomes a reality, people will be able to reach an expressway from anywhere in the country within thirty minutes. The company also utilizes IT technologies to develop truly “intelligent” highways. Just around the corner is the development of “smart” highways that will seamlessly integrate people, automobiles, and roads.
In order to promote sustainable development, Korea Expressway Corp. is leading the way in building and managing environment-friendly highways. The company is putting its utmost efforts into building expressways that are in perfect harmony with their surroundings, bypassing or minimizing any potential damage to protected areas, such as ecological sites, preserved wet lands, natural parks and cultural properties. In addition, the company uses sound-proof walls when constructing tunnels, while also paying careful attention to protecting wild animals by providing them with shelters .
Korea Expressway Corp. also plans to take advantage of its experience, technological acumen, and capabilities in road construction and management to explore overseas markets. The company is one of the most active participants in official development aid (ODA) projects, bridging the gap between advanced and developing countries while also enhancing the brand of Korea. The company has also diversified its overseas business into areas including direct investment and participation in global infrastructure funds.
On the foundation of its 40-year-long pool of experience, Korea Expressway Corp. has competed or expedited various development aid projects in Vietnam, Indonesia, Cambodia, Sri Lanka, Iraq and Laos. Furthermore, the company continues to make efforts to take part in road projects in Algeria, the U.S., Iraq and Nepal. The company has also dispatched ten employees to five countries to support technologies, develop businesses and form a human network. For example, the Public Transportation Department of Cambodia receives support from employees of Korea Expressway Corp. The company continues to maintain good working relations with 21 organizations from 17 countries around the world.
For instance, Korea Expressway Corp. is publicizing Korea's technological power in the road sector via safety checks of areas hit by an earthquake in Indonesia in June of 2006, as well as inviting road construction engineers from developing countries to Korea since 2006. A total of 178 engineers have visited Korea up until now, learning about Korea's road construction technologies and engineering.
Korea Expressway Corp. is planning on making a joint foray into overseas road construction projects with Korean energy firms in the future. In response to the government's policy of promoting the overseas business of government-run companies, the company is planning to build a standard model for these companies wanting to make a foray into overseas markets through cooperation with private firms. Meanwhile, Korea Expressway Corp. secured a US$2.65 million order to design and manage road construction in Cambodia, signing the agreement in Cambodia on Feb. 26.