Daewoo Engineering & Construction Chairman Jung Won-ju (left) and former Indonesian President Joko Widodo pose for a photo at Istana Merdeka, the presidential palace in Jakarta, Indonesia, on Friday. (Daewoo E&C)

Daewoo Engineering & Construction Chairman Jung Won-ju met with former Indonesian President Joko Widodo to explore new business ventures in the country, the company said Tuesday.

The meeting took place at the presidential palace, Istana Merdeka, in Jakarta on Friday -- the last day of Widodo's term. During the meeting, Jung expressed appreciation for Widodo’s presidency which has enabled Indonesia to achieve steady economic growth through development policies related to social infrastructure construction

Jung emphasized Daewoo E&C’s commitment to participating in large-scale urban development projects in Indonesia, including the submerged tunnel for the new capital, Nusantara, as well as investments in energy sectors such as LNG and renewable energy. He cited Daewoo E&C's successful track record in Indonesia and its achievements in Vietnam.

In response, Widodo welcomed Jung's proposals, requesting Daewoo E&C’s involvement in future hydropower projects in the country. He also invited participation in renewable energy expansion and investments in Nusantara, sharing insights about policy incentives to attract foreign investment in the area.

Jung’s visit to Indonesia also included meetings with Erick Thohir, the Minister of State-Owned Enterprises, and representatives from leading local companies, including the Pulau Indah Group, to discuss Daewoo E&C's expansion in the region.

“We are exploring various infrastructure project opportunities linked to real estate development and the relocation of the capital in Indonesia, which has the largest construction market among the 10 ASEAN countries,” a Daewoo E&C official said regarding Jung's visit to Indonesia. “Daewoo E&C will continue to work closely with local governments and partners to expand our new business ventures there.”

In addition, on Monday, Jung met with Tran Sy Thanh, the mayor of Hanoi, in Seoul. Tran is visiting Korea to seek advanced urban development benchmarks and measures to enhance trade and arrived Friday for meetings with local economic figures.

During their meeting, Jung and Thanh reviewed Daewoo E&C’s ongoing new city project in Hanoi, known as Star Lake City. The company’s engagements in Vietnam also include urban development projects in Dong Nai and Thai Binh provinces, along with initiatives to expand infrastructure projects related to power generation and industrial complexes in the country.