The Ministry of Land, Transport and Maritime Affairs of the Republic of Korea (Minister: H.E. Mr. Kwon, Do-Youp) announced that from the beginning of this year it decided to strengthen its cooperation with those countries that are on its top priority list for exceeding its goal of USD 70 billion in overseas construction contracts signed.

As a first step of this agenda, the MLTM plans to dispatch a high-ranking delegation designed to aid signing of overseas contracts to the Middle East countries, traditionally being among Korea's biggest clients, so that contracts for large-scale construction and infrastructure projects could be signed by Korean enterprises.

Headed by Vice Minister for Land, Water and Construction, Mr. Han, Man-Hee, of the MLTM, the Korean delegation will visit Kuwait and Qatar during January 12-18, 2013, taking its first stride toward the goal of breaking its record of highest overseas construction contracts signed.

* The high-ranking delegation: consists of the MLTM, LH, Korea Expressway Corporation, K-Water, Korea Transport Institute, Korea Rail Network Authority, Incheon International Airport Corporation and nine Korean companies having a local presence there, such as Hyundai Engineering & Construction, Samsung C&T Corporation, and Daewoo Engineering & Construction.

Kuwait ranked eighth last year in terms of the signing of contracts with its USD 2.7 billion, but it is expected to sign swaths of projects worth USD 70 billion over this year and next, including the Bubiyan Island third phase development (USD 2 billion), metro project (USD 22 billion), Umm Al Hayman sewerage project (USD 1.2 billion), and the second terminal of the international airport (USD 1 billion), becoming one of the key countries for Korea's interest.

The Korean delegation will participate in the 4th Korea-Kuwait construction cooperation committee, discussing in-depth their cooperation methods and hearing presentations on subjects of interest between the two countries, and will meet with Minister of Public Works, Minister of Transport and Housing, and head of the PTB (Partnerships Technical Bureau) to promote actively the excellent technology of Korean companies.

Qatar, being raked tenth as of last year with its USD 1.8 billion in contracts signed, is also poised to be a key country for Korean builders.  Owing to an expected increase in demand for infrastructure needed for the hosting of the World Cup in 2022, by next year USD 30 billion, and by the time of the hosting of the Cup, USD 100 billion worth of projects are expected to be tendered, which makes it one of the most lucrative construction markets in the world.

Vice Minister Han plans to meet with such dignitaries as Minister of Municipality and Urban Planning, head of the Public Works Authority, and head of the Qatar Railway Development Corporation in a row to aid Korean companies' signing of contracts for a number of projects that are expected to tendered within this year, such as the Qatar Metro project (USD 14 billion), Doha Bay Crossing project (USD 6 billion marine bridge), and the waste water processing system project (USD 2.7 billion).

Vice Minister Han stated, "Based on the partnership forged through the Korea-Kuwait construction cooperation committee, last year, Korea successfully signed the Jaber causeway marine bridge project (Hyundai Engineering & Construction, USD 2.1 billion, November 2012) last year, and for the expansion of such contract signings further in the future, it is necessary to strengthen the cooperation channels between the Korean government and the countries in the Middle East."

* Jaber causeway project: first being won by the Hyundai consortium in October 2010, for two years the contract was stalled (owing to the Board of Audit & Inspection not being consent to this project), but thanks to the efforts made by the Korean government, such as a letter from the Minister of Land, Transport and Maritime Affairs of Korea and a discussion of this issue through the cooperation committee, it was signed finally in November 2012.