Daewoo Engineering and Construction Co. unveiled its new vision to rank among the 15th biggest construction firms in the world by 2025.
Daewoo announced its vision at a ceremony held at the Technology Institute in Suwon, Gyeonggi Province on July 24, pledging to focus on global infrastructure and energy plants around the world. It will be a developer under the vision, “For the People and a Better Tomorrow.”
To be ranked in the top 15 in the global construction industry by 2025, the company aims for 25 trillion won in sales and operating profit of 2 trillion won.
The construction firm plans to systematize its core technologies and know-how that have been accumulated ever since it broke into the construction industry some four decades ago, and expand its infrastructure and energy plant construction projects, which take up such key areas as development, construction and management for those projects.
In order to expand its roles in the projects, Daewoo E&C plans to set up its own subsidiaries in key regions in the world so it can be more competitive in expanding its market share, and expand its social contributions in the areas where their projects are located.
At the same time, the construction firm will focus on tapping its advanced construction technologies and construction know-how to lead the world in securing new construction projects overseas related to tunnels, extensive bridges, environmentally friendly buildings and smart nuke power plants.
The company eyes taking on high value-added projects such as O&M, fusion technology and real estate development, as new growth engines, which are the areas of construction the company is most capable of undertaking, given its extensive experience in IPP projects. It can even offer advise on planning, investment and management.
The company also plans to strengthen its capacity to secure financing for projects through close ties with state-owned banks and large private funds, and enhance its competitive edge in designing and supplying construction materials, at the same time as boosting its capacity as a leading international builder.
President Park Young-sik said he would like to collect the abilities of all of its officers and staff and employ them in the company’s push to achieve its new vision by riding on a continued growth trajectory.
Daewoo E&C has been advancing into the world for many decades.
“Beginning with road construction work in Ecuador in the late 1970s, we have built more than three hundred projects in over forty countries, including in Asia, the Middle East, Africa, and Europe,” the company said. “We operate branches and subsidiaries in Asia, Africa, the Middle East, Europe, the US, and other parts of the world as part of our strategy of advancing into overseas markets and strengthening our overseas operations.”
Daewoo Engineering and Construction is currently working on more than 45 overseas projects, winning plaudits for our advanced technologies and outstanding construction capabilities. “Our overall goal is to be a company that is trusted and respected by people throughout the world,” according to the company.
“In 2008, we introduced an Electronic Document Management System (EDMS) to ensure smooth communications and full information sharing among our employees. Three years later, we built BAROCON, an integrated project management system,” the added. “It enables the efficient management of our project life-cycles, speedy decision-making, and enhanced information sharing at the management level. We will continue making improvements to our quality management operations by constantly upgrading our business systems.”
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