Daewoo E&C steps up global push with major wins in Czech Republic, Turkmenistan
Daewoo Engineering & Construction said Monday it is intensifying global expansion efforts to revive its legacy as a pioneer in 'global construction,' with Chairman Jung Won-ju engaging with key business partners worldwide.
One of the most notable developments is the Czech Republic's new nuclear power plant project. Earlier in June, a Korean consortium including Daewoo E&C clinched a landmark $18 billion contract with the Czech state utility to build new nuclear reactors in the country.
Under the deal, Korea Hydro & Nuclear Power will construct two 1,000-megawatt APR-1000 reactors — Dukovany Units 5 and 6 — with completion targeted for 2036 and 2037, respectively. Daewoo E&C will lead the structural construction, securing a multitrillion-won contract later this year.
In Central Asia, the Korean builder secured a contract in May to construct a mineral fertilizer plant in Turkmenistan, valued at nearly 1 trillion won ($723 million), marking its first entry into the region. This achievement follows Chairman Jung's annual visits to the country, as he recognized Turkmenistan's growth potential in sectors such as petrochemicals, fertilizers, infrastructure and new city development. Daewoo E&C plans to further strengthen cooperation by proposing a range of eco-friendly business solutions tailored to the country's needs.
Since Jungheung Group acquired Daewoo E&C in 2022, Jung has emphasized overseas expansion as a strategic response to domestic market uncertainties. His direct involvement in project development has been cited as a factor in securing initiatives like Vietnam's Kien Giang New City project and the Turkmenistan fertilizer plant.
Continuing his diplomatic business campaign, Chairman Jung visited Indonesia in May and met with President Prabowo Subianto to discuss potential expansion in real estate development, infrastructure and petrochemical projects.
Shortly after, on June 18, he traveled to Mozambique and held talks with President Daniel Chapo to explore collaboration and expansion opportunities. This visit aligns with Daewoo E&C's broader strategy to grow its presence in Africa, particularly through LNG plant construction, leveraging its project experience in countries like Nigeria and Botswana.
Domestically, Daewoo E&C is strengthening its portfolio with key public and urban redevelopment projects. It led the design review for Jinhae New Port's southern breakwater and was selected for the Umyeonsan expressway relocation. In high-end residential redevelopment, it secured the Gangnam Wonhyosung Villa project, reaffirming its expertise from previous projects like Hannam The Hill. The company is also pursuing the Gaepo Woosung 7th Reconstruction Project, emphasizing resident-focused designs over profit.
'The spirit of challenge and passion that led us to pioneer the global construction market under the banner of 'Global Construction' is deeply ingrained in all our employees,' a Daewoo E&C representative stated. 'We will do our utmost to establish ourselves as Korea's leading construction company by expanding overseas markets and diversifying our domestic business portfolio for the next 100 years.'
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