The 3rd "Global Project Plaza (GPP)" was held on May 11 at COEX in Seoul. This event, co-sponsored by KOTRA and Overseas Construction Association, supports Korean firms to help them enter overseas plant projects.
Notable people from various government departments and 350 officials from the domestic industry attended this event. So far, 6 nations from Asia have offered 13 projects on the first day of the meeting, while 23 participants from the Middle East, Africa, and Latin America have introduced 24 projects which amount to a total of US $40 billion. Above all, Korean firms are most interested in the "Channel Construction Project from the Red Sea to the Dead Sea" which has a US$16 billion budget.
Multilateral Development Banks (MDB) such as ADB, IDB, and IFC also introduced their projects at this meeting. These projects have secured fundings from MDB; however, the engagement of domestic companies is sluggish at the moment. An official from KOTRA assumed that the reason for the low participation of Korean firms is because of the lack of awareness. KOTRA hopes that domestic companies would become more interested in the MDB project through this GPP meeting.
Meanwhile, KOTRA has signed a MOU agreement with DWASA, the largest public water-process agency in Bangladesh. KOTRA supports Korean firms entering the Bangladesh market and will later receive the project information from the Bangladesh agency. EMFESZ is the second private gas company in Hungary to sign a MOU agreement with KOTRA and will pave a road for domestic companies entering Europe's market. Thus, KOTRA supported the MOU agreement between Daewoo International and a City Hall located in Poland for the construction of an incineration plant.
Cho Hwan-ik, the President of KOTRA said, "Taking part in overseas construction projects is an important step to widen domestic companies oversea's market. Central and South America and Asia have become potential markets and Korean firms should realize this and become more interested in these markets."
