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Daewoo E&C seeks bigger presence in Iraq

By Kim So-yeon

Published : March 20, 2023 - 15:30

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Daewoo Engineering & Construction CEO Baek Jung-wan (left) and Oceans and Fisheries minister Cho Seung-hwan (right) walk in construction site at the Al Faw Port on Tuesday. (Daewoo E&C) Daewoo Engineering & Construction CEO Baek Jung-wan (left) and Oceans and Fisheries minister Cho Seung-hwan (right) walk in construction site at the Al Faw Port on Tuesday. (Daewoo E&C)

Daewoo Engineering & Construction is ramping up efforts for South Korean construction companies' foray into Iraq, according to the company Monday.

Daewoo E&C's CEO Baek Jung-wan and Oceans and Fisheries Minister Cho Seung-hwan recently visited Iraq’s Al Faw port construction site, in a bid to facilitate domestic companies' entry into Iraq's Al Faw Port Development Project -- a project which aims to build the largest port in the Middle East.

Currently, Daewoo E&C is responsible for the construction of the port's infrastructure and terminals.

During the visit, the Korean representatives also discussed ways to push for the Korean consortium’s port operation project with members of the Iraqi government. Daewoo E&C, Busan Port Authority and SM Line Gyeong-In Terminal will participate in the project.

The consortium -- a joint public-private partnership agreement between Korean parties at the request of Iraq last July -- aims to deliver Korea's know-how in building and operating large ports in Iraq.

For the promotion, Minister Cho and Daewoo E&C CEO Baek paid a courtesy visit to Iraq's Transportation Minister Razak Muhaibes El Saadawi, Iraqi Defense Ministry Secretary General Jabbar Thajil Al-Haidari and Iraqi Interior Ministry Secretary-General Hamid Naim Kudair Abdullah Al Ghazi in Bagdad.

"Korean companies have shared a half-century history in Iraq, and they show sincerity and excellence," Oceans and Fisheries Minister Cho said in a meeting with the Iraqi Transport Minister, supporting Daewoo E&C to win further construction projects at the new port.

The Iraqi transportation minister responded by saying Iraq has already confirmed the technology and the trust of Korean companies, welcoming their participation at any time.

Meanwhile, Daewoo E&C has carried out 12 projects so far, starting with the construction of Iraq’s largest non-associated gas field Akkas’ central processing facility in August 2013. Daewoo E&C is developing the Iraqi market into the company’s hub in the Middle East.