A South Korean firm secured a 14.2 billion won ($13.4 million) engineering project in Bangladesh being undertaken by the Asian Development Bank, a state-run trade promoter agency said Sunday.
Seoul-based Kunwha Engineering and Consulting company was awarded the contract last week that is part of the South Asia Subregional Economic Cooperation program being pursued by the international development finance institution.
Korea Trade-Investment Promotion Agency said that the size of the deal is not small for an engineering contract. Engineering usually accounts for less than 10 percent of a total building project, but it is considered a high value-added part of any construction.
"Kunwha will be in charge of carrying out feasibility studies, drawing up the master plan, and supervising the overall building work," KOTRA said.
Projects secured by the South Korean company include expansion of a major road linking Joydebpur and Tangail in central Bangladesh, drawing up plans for two inland ports, as well as overseeing repairs of major roads in the South Asian country.
The trade promoter said that Kunwha's deal may lead to greater participation by South Korean engineering firms in the region that has been dominated by Western firms. (Yonhap News)