Hyundai eyes engineering, construction expansion in PHL

Hyundai Engineering & Construction Co. Ltd. (HDEC) is eyeing expanding its business in the Philippines beyond its current interests, as it considers the country “a competitive location for investors.”

The Department of Foreign Affairs said this was the claim by its head after meeting with Philippine Ambassador to South Korea Raul Hernandez at the Philippine Embassy in Seoul last July 22.

"Jung [Soo-hyun] expressed Hyundai’s interest in exploring new projects outside of its current EPC (engineering, procurement, and construction) contracts undertaken in partnership with local contractors in the Philippines," the DFA said.

The meeting was set up by the Philippine Trade and Investment Center (PTIC), and led by Special Trade Representative and Commercial Counselor Nicanor Bautista.

It is part of the Philippine embassy’s efforts to Korean investments into the country.

For his part, Hernandez invited visiting HDEC officials led by President and CEO Soo-Hyun Jung to increase its presence in the Philippines “for the mutual benefit of both countries.”

He also suggested that HDEC consider taking part in the Philippine government's public-private partnership projects.

According to him, nearly $20 billion worth of infrastructure projects may be rolled out in the near term.

Hyundai is a leader in the Korean construction industry since  1947. It provides services for projects including harbors and terminals, bridges and highways, dams, nuclear and other power plants, petrochemical plants, commercial buildings, and high-rise apartments.

The DFA noted HDEC designed and built the Incheon International Airport, the Kyeong-bu (Seoul-Busan) expressway and the Songdo Suspension Bridge, one of the longest in Asia. — Joel Locsin /LBG, GMA News