The International Contractors Association of Korea and the Korea Developers Association are joining hands to boost overseas development projects.
The two organizations on the 11th signed a memorandum of understanding (MOU) for cooperation on overseas development projects and to strengthen the competitiveness of our corporations' overseas expansion.
The agreement aims to build a strategic partnership based on the two organizations' expertise and networks, and to support the joint growth of the real estate development and overseas construction industries and members' entry into overseas markets.
Recently, Korea's developer sector has been eyeing overseas development projects as a new growth opportunity, but faces limits to going it alone due to a lack of local networks and policy support.
Based on the "convergence K-City platform," the two organizations will pursue practical cooperation, including: ▲ joint identification of promising overseas development projects and information exchange ▲ building collaboration models between developers and construction companies ▲ hosting joint forums and expanding cooperative networks.
Han Man-hee, head of the International Contractors Association of Korea, said, "If the association's global network and policy capabilities and on-site capabilities in construction and content are combined with the Korea Developers Association's know-how in development, finance and operations, I am confident our corporations' competitiveness in overseas expansion will rise to a higher level."
Kim Han-mo, head of the Korea Developers Association, said, "For domestic developers to expand overseas, local networks and policy support are essential, and the International Contractors Association of Korea is the optimal partner," adding, "I hope this agreement will become a practical foothold for member companies to enter overseas development projects."