MANILA (Mindanao Examiner / Aug. 1, 2014) – The Department of Foreign Affairs said Hyundai Engineering and Construction Co. Ltd is considering expanding its business in the Philippines beyond its current interests.
It said Hyundai’s head called the country “a competitive location for investors,” in a recent meeting with the Philippine Ambassador to South Korea Raul Hernandez at the Embassy Chancery in Seoul.
The meeting, set up by the Philippine Trade and Investment Center, led by Special Trade Representative and Commercial Counselor Nicanor Bautista, is part of the Embassy’s economic diplomacy to boost the government’s efforts in attracting Korean investments into the country.
Hernandez invited HDEC officials led by President and CEO Soo-Hyun Jung to increase its presence in the Philippines for the mutual benefit of both countries.
He suggested that HDEC, one of South Korea’s largest construction and civil engineering companies, look into possible participation in the government’s public-private partnership projects, noting that close to US$20 billion worth of infrastructure projects are scheduled to be rolled out in the near term.
Jung, praising the Philippine’s improved fundamentals, expressed Hyundai’s interest in exploring new projects outside of its current engineering, procurement, and construction contracts undertaken in partnership with local contractors in the Philippines.
A recognized leader in the Korean construction industry since 1947, the company provides services for a wide variety of projects, including harbors and terminals, bridges and highways, dams, nuclear and other power plants, petrochemical plants, commercial buildings, and high-rise apartments.
HDEC designed and built, among others, the Incheon International Airport, the Kyeong-bu (Seoul-Busan) expressway and more recently, the Songdo Suspension Bridge, one of the longest in Asia.
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