Hyundai Engineering & Construction has been making strides in the Latin American market since setting up a branch in Bogota, Colombia, in 2010.

A Hyundai E&C spokesperson said the company had decided to enter the Latin American market as construction in the Middle East became overly competitive, and set to establish itself in the largely unexplored region in advance.

The company said they have now started seeing tangible results in Latin American countries, augmenting their reputation as a builder in the region.

In March 2012, Hyundai E&C and Spain’s Acciona Agua won a project to construct a sewage treatment plant in Medellin, Colombia, their first business in the country since 2003.

In November, it entered Uruguay for the first time by winning a project to construct a thermal power station in Punta del Tigre.

Last year, Hyundai E&C entered Chile, agreeing to construct the Chacao Bridge with Brazilian construction company OAS.

Hyundai E&C and China’s Wison Engineering also agreed to construct expansive plants for an oil refinery in Puerto La Cruz last November, worth $4.8 billion and the largest project given to a Korean company in Latin America to date.

So far, Hyundai E&C has received orders worth $8.3 billion across five Latin American countries, the majority of which were carried out after incorporating with Hyundai Motor Group in 2011, using Hyundai Motor Group’s pre-established local network in Latin America.

The company has also effectively established itself in the region, as Hyundai E&C now takes up a third of all construction bids given to Korean companies in Latin America.

Hyundai E&C said they will continue to expand business in the emerging region.

By Sang Youn-joo (sangyj@heraldcorp.com)