Korean construction companies are seeking new growth opportunities overseas as they look to overcome the prolonged domestic industry downturn through high-value plant and energy infrastructure projects abroad.
According to GS Engineering & Construction on the 9th, CEO Huh Yun-hong visited Australia from the 2nd to the 5th to review the company's local infrastructure business operations. GS E&C is preparing to expand its portfolio to include power grid infrastructure development in Australia.
Huh visited the SRL subway tunnel construction site, a project secured in 2024, to personally inspect progress and encourage local staff. He also held meetings with key officials in Victoria to discuss additional business opportunities in Australia. Additionally, Huh reviewed a large-scale power grid infrastructure project for which GS E&C is preparing to bid as part of a consortium with Australian partners.
Australia currently requires large-scale transmission network construction to deliver electricity from its rapidly growing renewable energy supply to cities and industrial complexes where demand exists. GS E&C plans to capitalize on these market conditions and actively participate in Australian power grid infrastructure projects.
Huh shared business plans and perspectives during meetings with the CEO of an Australian power specialist company that will join the consortium bid. He also met with local construction firms and the CEO of Infrastructure Partnerships Australia (IPA), a research institution, to gather insights on Australian infrastructure industry trends.
HDC Group Chairman Chung Mong-gyu also traveled to China to inspect potential development sites, in a move interpreted as a preemptive search for investment opportunities to expand future business.
Starting on the 7th, Chung embarked on a three-day, two-night trip to Beijing and Tianjin with HDC CEO Do Gi-tak, HDC Youngchang CEO Kim Byung-chul, and HDC Hyundai EP China head Choi Pil-seok to review subsidiary business matters and explore new development possibilities.
During the visit, Chung reviewed subsidiary operations while touring potential development sites and discussing investment directions. HDC Group continues its China business primarily through HDC Youngchang, a comprehensive musical instrument and cultural company, and HDC Hyundai EP, an advanced materials and components manufacturer.
HDC Group has been building local networks and reviewing investments to expand business opportunities in China. The company's strategy is to identify investment opportunities from a mid-to-long-term perspective, even as China's economic growth slows. An HDC Group official explained, "We plan to actively seek business expansion and investment opportunities centered on our subsidiaries operating in China."