By Kim Tae-gyu Staff Reporter www.koreatimes.co.kr
Samsung Construction & Technology (C&T), the subsidiary of the country’s foremost conglomerate Samsung Group, sets 2010 as the year for it to soar to the global top tier through activities outside Korea.
Headed by CEO Jung Yeon-joo, the Seoul-headquartered company aims to obtain overseas orders worth $8.2 billion won this year, up 422 percent from last year’s $1.6 billion.
Company insiders point out that the goal is not a wildcat scheme ― the corporation chalked up more than $2.5 billion in overseas orders during the first three months of this year.
As domestic markets have already hit saturation point, we were encouraged to concentrate more on international markets in order to evolve into a genuine leader across the world,” a Samsung official said.
Our major focuses at the moment are Dubai and Singapore. We will tap into other destinations such as North America or Algeria in Africa. We expect tangible results in the new markets in the not-so-distant future.”
Samsung C&T has demonstrated its technological edge in the Middle East, particularly in the United Arab Emirates (UAE) with the Burj Khalifa being one of the most notable examples.
Burj Khalifa is the tallest man-made structure in the world, whose construction started midway through 2004 and was officially opened early this year to become the landmark of flourishing Dubai.
Samsung C&T was the primary contractor of the 828-meter-high building, which market observers says is a testimony to world-class technological competitiveness of Asia’s fourth-largest economy.
The outfit is also working on the Al-Salam street tunnel project worth $846 million geared toward improving the traffic flow in the city center of Abu Dhabi. Samsung is responsible for 55 percent of the scheme.
Samsung C&T has also made its presence felt in Singapore by winning a flurry of mega-sized construction projects over the past few years in a hard-fought rivalry with international giants.
For instance, the firm was awarded a $420 million contract for the construction of part of the Marina Coastal Expressway, as one of major players to complete the bold coastal express plan.
The dual five-lane, 5-kilometer highway has been touted as a crucial part of the strategic island-wide road network aimed at supporting the long-term growth of the city state.
Samsung C&T has shown off its leading-edge technologies in construction, plants or civil engineering. On the back of its technological edge, it has a shot at stunning the world in years to come,” a Seoul analyst said.
