Korea Consulting Center for Overseas Infra&Plant Projects ("KoCC") announced on February 4 that it held a meeting with Korean SME and medium-large construction companies such as Jungheung Construction and Chosuk Construction & Development at The Export-Import Bank of Korea ("Korea Eximbank") headquarters.

Over 30 people from some 20 companies attended the meeting, where KoCC speakers provided information on overseas construction projects and introduced its financial services available to SMEs and medium-large businesses seeking participation in such projects.

The meeting was conducted in four parts covering trends in the overseas construction market, what KoCC does, financial services provided by KoCC’s member institutions, and finally Q&A and discussions.

In his presentation themed "Trends and Outlook of Overseas Construction Market," Dr. Yang Jong-seo of Korea Eximbank Overseas Economic Research Institute noted, "Korean companies are doing well in winning overseas projects by aggressively expanding into new markets," adding that "financial instability in emerging markets as a result of the Fed's QE tapering, intensified competition with Japanese companies due to a weaker yen, and under-pricing of contracts still remain significant challenges."

During Q&A, a delegate from one construction firm expressed concern regarding the way "Korean commercial banks tend not to issue letters of guarantee to SMEs or medium-large businesses even if they win an overseas construction project, questioning their creditworthiness."

Korea Eximbank Senior Executive Director Sul Young-whan replied, " KoCC’s priority is precisely to address the difficulties SMEs and medium-large companies face when they try to obtain guarantees for overseas construction projects," stressing that KoCC will "make sure to develop more feasible financial solutions based on the detailed input from the participants of this meeting."

Having opened its doors on January 13 at Korea Eximbank's headquarters pursuant to the Government Plan to Promote Korean Participation in Overseas Construction and Plant Deals, KoCC is providing such services as assistance with project planning and structuring, financial arrangement, and financial advice to companies eyeing project opportunities abroad.

The center is currently staffed by some 20 personnel dispatched by Korea Eximbank, K-Sure, KDB, International Contractors Association of Korea, Korea Plant Industries Association, and Construction Management Training Center.