Hong Jiseon, Land Minister: "Full financial and technical support for overseas construction... Establish 3 trillion won fund"

14 individuals receive government honors
Samsung C&T and others receive the Presidential Tower for Overseas Construction

Hong Jisun, Minister of Land, Infrastructure and Transport, said the government would establish a 3 trillion won strategic fund and provide financial and technical support to help domestic companies enter overseas construction markets.

Attending a ceremony marking 2026 Overseas Construction and Plant Day at the Construction Center in Gangnam-gu, Seoul, on November 3, Minister Hong said, “We will invest 1 trillion won in government funds to establish a 3 trillion won strategic fund, and also pursue matching funds with companies participating in joint funds with countries that need infrastructure.”

Hong Jisun, Minister of Land, Infrastructure and Transport, delivers congratulatory remarks at a ceremony marking 2026 Overseas Construction and Plant Day at the Construction Center in Gangnam-gu, Seoul, on the 3rd. Photo by Lee Jieun

On October 12, the government announced at a meeting of economy-related ministers that it would use 1 trillion won in government funds as seed money to bring together domestic and foreign capital and establish a 3 trillion won New Strategy Fund. The plan is to help domestic companies secure overseas contracts through the fund and ensure that the results lead to domestic small and midsize companies supplying equipment and materials and participating in long-term maintenance.

“Over the past 60 years, Korean overseas construction has carried out numerous projects around the world and become a key engine of the Korean economy,” Minister Hong said. “We will spare no effort in providing financial, human resources and technical support so that our companies can actively identify overseas projects.”

She also said the government would continue investing in training professionals for overseas investment and development projects. “We will expand education at Meister high schools and specialized universities, and pursue the establishment of a professional graduate school for investment and development projects to train the talent needed in the field,” Minister Hong said. “We will also help content companies expand overseas and establish a contract-support system tailored to each company’s characteristics.”

The Overseas Construction and Plant Day ceremony has been held annually since 2005 to commemorate Hyundai Engineering & Construction’s first contract to build a highway in Thailand in 1965. At this year’s ceremony, Na Seung-il, an executive at Samsung C&T, received the Silver Tower Order of Industrial Service Merit in recognition of his contribution to generating $11 billion in overseas contracts. Baek In-hong, an executive at Daewoo E&C, and Lee Hee-song, a senior vice president at SGC E&C, were each selected to receive the Bronze Tower Order of Industrial Service Merit. In addition, 31 people, including Kim Seung-hyun, a deputy manager at Korea Expressway Corporation, and Kim Eun-hwan, a team leader at Samsung C&T, received commendations from the Minister of Land, Infrastructure and Transport. Seven companies, including Samsung C&T, were selected to receive the Tower of Overseas Construction award for their achievements based on contract records from the past two years.

This content was produced with the assistance of AI translation services.