Daewoo E&C teams up with China State

Daewoo Engineering & Construction signed a strategic agreement with China State Construction Engineering Corp. (CSCEC) yesterday to cooperate with one another in the infrastructure business in China and other countries, the Korea Times reported.

"Through the agreement with the world’s leading investor in construction, we can create a stepping stone into the Chinese market, as well as raise our competitiveness in other overseas markets," Daewoo E&C President & CEO Park Young-sik said in a statement.

The agreement calls for Daewoo and CSCEC’s eight affiliates to seek joint projects in areas such as infrastructure and real estate.

CSCEC has been actively expanding operations in overseas countries, including in Korea, where, as a builder and investor, it won an order to build Busan’s LCT building, a 101-story resort complex, by 2018.

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