A coal-fired power plant being built in Morocco by Daewoo E&C (Daewoo E&C)
Daewoo Engineering & Construction, the nation’s third-largest construction firm, is emerging as a leading builder in Africa.
Over more than 30 years, the company has landed 420 overseas construction contracts worth some $47.9 billion in about 46 countries.
In particular, the company has earned $25.5 billion in Africa, about one third of the $72.1 billion that domestic contractors have so far won on the continent altogether.
The company’s success in Africa is mainly a result of reaching out to places where others have not and by pioneering new areas, according to company officials.
Daewoo E&C also said the success was due to its change of business portfolio to high-value-added power plants from construction and its focus on strengthening competitiveness.
The builder’s major markets in Africa are Nigeria, Libya, Algeria and Morocco, according to company officials.
“We have expanded our presence in the African market dominated by European builders, through our spirit for challenges and hard work,” said a company official.
Since last year, the builder has provided the combined services of development, financing and maintenance for projects.
By Kim Joo-hyun (email@example.com)