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Daewoo E&C chairman meets Cambodian PM

May 17, 2024 - 21:47 By Hwang Joo-young
Daewoo E&C Chairman Jung Won-ju (second from left) meets with Cambodian Prime Minister Hun Manet (third from left) at a Lotte Hotel in central Seoul, Friday. (Daewoo E&C)

South Korean builder Daewoo Engineering & Construction Chairman Jung Won-ju met Cambodian Prime Minister Hun Manet, who was visiting South Korea for a bilateral summit, to seek support for the builder's expansion plans in Cambodia, the company said Friday.

During the meeting, Jung requested support for Korean companies making inroads investments into the Cambodian market and discussed ways to enhance economic cooperation between the two nations, the firm said.

"Daewoo E&C, as one of the major global construction companies, aims to leverage our expertise from successful urban development projects, such as in Hanoi, Vietnam, to venture into new city and real estate development projects in Cambodia," Jung stated, according to Daewoo E&C’s press release Friday.

"We believe that these developments, including new cities and industrial parks, will play a significant role in Cambodia's economic growth by attracting global investment, including from Korea."

Echoing this sentiment, Hun expressed his gratitude for Daewoo's interest in Cambodia, stating, "We hope Daewoo E&C will actively participate in the ongoing Korea-Cambodia Friendship Bridge project.”

Hun also highlighted Cambodia's plans for infrastructure projects, including renewable energy and water treatment, assuring that the government would support both infrastructure and residential real estate developments.

“Along with the recently signed partnership between Daewoo E&C and WorldBridge Group, we hope Daewoo E&C will also create cooperative models for local Cambodian businesses and explore various business opportunities,” Hun added.

Daewoo E&C CEO Baek Jeong-wan (sixth from left) and WorldBridge Group Chairman Rithy Sear (fourth from left), along with South Korean Industry Minister Ahn Duk-geun (seventh from left) and other officials, attend an MOU signing event held during the Cambodia-Korea business forum at the Korea Chamber of Commerce and Industry, Seoul, Thursday. (Daewoo E&C)

Earlier on Thursday, Daewoo E&C signed a memorandum of understanding with Cambodian logistics giant WorldBridge Group. The signing event took place during the Cambodia-Korea business forum at the Korea Chamber of Commerce and Industry in Seoul, attended by Daewoo E&C CEO Baek Jeong-wan, WorldBridge Group Chairman Rithy Sear and South Korean Industry Minister Ahn Duk-geun, along with other officials.

The partnership aims to establish a cooperative framework for joint development projects in Cambodia.

Earlier this year, Jung emphasized the need for Daewoo E&C to achieve growth as a developer, not just a builder.

"We are committed to expanding our network and establishing cooperative frameworks, based on Chairman Jung's growth strategy for Daewoo E&C as a global developer," said a Daewoo E&C official.

"We will use this engagement with Cambodia and the partnership with WorldBridge Group as a foundation for new market exploration and an opportunity to contribute to bilateral cooperation and economic development between the two nations."