Hanwha Engineering and Construction has signed an memorandum of understanding with Suwon City to build and develop auxiliary and support facilities for a new multi-purpose convention center to be built in the city, the company said Wednesday.

Hanwha E&C and its retail affiliate Hanwha Galleria were selected in April to build the envisioned Suwon Convention Center’s commercial complex that includes a hotel, an aquarium, a department store and more on 30,836 square meters of land in the city’s new town called Gwanggyo, located some 50 kilometers south of the capital. 

“We will work together with Suwon and other contractors to build a landmark that can contribute to the entire project‘s success,” said Hanwha E&C CEO Choi Kwang-ho at the signing ceremony held on Aug. 11.

Hanwha E&C is also involved in the construction of the main convention center, as it has a 35 percent stake in Hyundai Engineering & Construction-led consortium which landed the contract.

The MOU, signed by all participating parties in the project, aims to build a platform of consultation and cooperation amongst all parties to put Suwon on the local convention industry map, thus helping revive the city’s economy and creating jobs.

Hanwha E&C stressed its financial health has improved thanks to an increased capital via a new stock issue iast April, the company said.

The firm recorded a turnaround in the first of this year, racking up 87.8 billion won ($85 million) in operating profit and a net profit of 342.9 billion won ($316.2 million).

By Kim Bo-gyung (lisakim425@heraldcorp.com)