Korea Expressway Corp. (KEC) is constructing a so-called “K-expressway” in Türkiye. KEC is participating in a Korean consortium which has landed a 580 million won order to build and operate an expressway in Türkiye.
KEC said the Korea-Türkiye joint consortium was named the final bidder at a financial agreement ceremony for the investment of the Nakkas-Basaksehir Motorway in Istanbul in Türkiye on Oct. 18.
Among those on hand at the event were Türkiye’s President Recep Tayyip Erdogan, EBRD, IsDB and other international financial institutional representatives, as well as ranking officials of Türkiye’s Ronesans Holding, the project manager, and Korean consortium members, such as KEC, Samsung C&T, Korea Overseas Infrastructure & Urban Development (KIND) and KDB Infrastructure Asset Management.
Türkiye’s President Recep Tayyip Erdogan and officials of Korea Expressway Corp. and Samsung C&T participate in a financial agreement ceremony for the investment of the Nakkas-Basaksehir Motorway in Istanbul in Türkiye on Oct. 18.
The project calls for building a 31.3 km-long highway with four to eight lanes, the last stretch of eight projects around Istanbul. It is located in the northern district of the Sea of Marmara.
The project will be implemented under a public-private partnership (PPP) in which construction is done for two years and four months, and the expressway is operated by the private sector for 15 years and six months before being transferred to the Türkiye government.
Samsung C&T, a Korean consortium member, will participate in the construction with the project manager Ronesans, while the KEC will participate in the operation of the expressway for 15 years and six months.
The project was to be implemented by a consortium consisting of only construction companies and financial institutions, requiring supplementary expertise in the operation of the road.
KEC’s participation as a joint investment company is expected to contribute to the project manager’s road maintenance and operation capabilities.
The stability and profitability of the project is high since international financial institutions, such as the European Bank for Reconstruction and Development participated, and the Türkiye government guarantees a profit.
That is in addition to the participation of not only KEC but also KIND, so it is the first road project being implemented with a stake investment by KIAMCO PIS Fund, a Korean policy fund.
KEC President Ham Jin-gyu said, “The project, KEC’s largest overseas investment, is expected to serve as an opportunity to secure a foothold to enter advanced markets, such as Europe, and we will make every effort to help private sector companies to secure overseas market entry opportunities and promote Korea’s excellent K-road expertise to the world.”
KEC President Ham Honored with ‘2024 Global Quality Manager Grand Prix’
Korea Expressway Corp. said KEC President Ham Jin-gyu was presented with the 2024 Global Quality Manager Grand Prix at the Fall Academy Session of Korean Society for Quality Management at Gyeongju Hwabaek International Convention Center (HICO) on Nov. 1.
KEC President Ham has been recognized for spearheading Korea’s digital mobility infrastructure transformation and management innovation, using the technologies of the 4th Industrial Revolution, such as UAM, drone and AI.
The Global Quality Manager Grand Prix is presented to managers who contributed to industrial development through excellent leadership and innovation in the quality management sector and fulfilled corporate social responsibilities.
KEC President Ham said, “I’ve been presented with the award in recognition of my continuous quality management and innovation thanks to joint efforts by all of my executives and staffers, and from now on, we’ll make strenuous efforts to raise public transportation benefits using the technologies of the 4th Industrial Revolution.”
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