Hyundai E&C – China Construction Sixth Engineering Bureau
Exploring Joint Entry into New Markets
Hyundai E&C has signed a strategic MOU with the CSCEC Group, the world's largest construction company, laying the groundwork for cooperation to expand its entry into new markets.
Hyundai E&C announced that on February 7 (local time), it signed a memorandum of understanding (MOU) for strategic cooperation with China Construction Sixth Engineering Division Co., Ltd. (CCSEB, hereinafter "China Construction Sixth Bureau") at the Mandarin Oriental Hotel in Singapore.
The signing ceremony was attended by key officials from both companies, including Hyundai E&C President Yoon Young-joon and China Construction Sixth Bureau Chairman Wang Jin.
China Construction Sixth Bureau is a leading construction company engaged in a wide range of fields, including building and social infrastructure construction as well as real estate investment and development. It is a major group affiliate of China State Construction Engineering Corporation (CSCEC), the world's No. 1 construction company according to the 2022 ENR Global rankings (based on 2021 revenue). China Construction Sixth Bureau is actively conducting business in the Philippines, Sri Lanka, Brunei and other markets.
Through this MOU, Hyundai E&C and China Construction Sixth Bureau plan to create synergies in areas such as △cooperation on major infrastructure projects in Southeast Asia, △expanded opportunities to participate in projects financed by the Asian Infrastructure Investment Bank, △enhanced price competitiveness through cooperation between the two companies, and △the pursuit of super-tall building and real estate investment and development projects. They also intend to establish broad cooperation measures, including identifying priority projects for collaboration.
Building on its world-class technology and overseas construction expertise, Hyundai E&C plans to leverage China Construction Sixth Bureau's global network to pioneer new markets in Southeast Asian countries it has yet to enter, as well as in Africa. China Construction Sixth Bureau likewise plans to build a strategic partnership with Hyundai E&C, drawing on its abundant capital and manpower, and to actively advance into overseas markets.
Hyundai E&C President Yoon Young-joon said, "Through this partnership with the world's largest construction group, we plan to identify a variety of projects and pursue tangible results," adding, "We hope our cooperation will develop into an opportunity to enhance competitiveness and maximize synergies in the global construction market."
In response, China Construction Sixth Bureau Chairman Wang Jin said, "We are pleased to become a strategic cooperation partner of Hyundai E&C, which is recognized in the overseas construction market for its advanced technology and construction capabilities," and expressed hope that "the two companies will cooperate actively and achieve visible results in overseas markets going forward."