[THE INVESTOR] Korean and Spanish construction companies are working together in efforts to expand trade and gain a foothold in new markets.
Korea’s trade promotion agency KOTRA held a forum in Madrid, Spain, with Association of National Field Construction Companies in Spain (SEOPAN) on June 22 (local time).
A total of 13 companies participated in the forum, including Korea’s Hyundai Engineering & Construction
and Daechang Corporation, and Spain’s Groupo ACS, the world’s leading construction firm.
Through the forum, the participating firms aim to cooperate and expand into other developing countries as business partners.
Spanish firms, which have a 27.7 percent construction market share in Latin America, will help Korean firms, which only have a 4 percent share, to expand into these countries. In return, Korean companies will assist their Spanish counterparts in the Middle Eastern and Southeast Asian countries, where Korean firm have a 17.3 percent construction market share, in contrast to Spain’s 4.5 percent.
“Korean firms can make use of Spanish firms’ experience and network when expanding into Latin American countries,” an official from KOTRA said.
“When combining the construction market share of both countries in 2014, it’s 20.2 percent, ranking No. 1 in the world,” Julian Nunez, president of SEOPAN said. “The two countries have to strengthen business cooperation.”
By Ahn Sung-mi (firstname.lastname@example.org