The Institute for Future Studies (www.ifs.or.kr director Kim Kwang-du) hosted a seminar entitled ‘The Future of Government Policy to Promote Korean Participation in Overseas Construction Projects’, hosted by the Export-Import Bank of Korea (www.koreaexim.go.kr Chairman Lee Duk-hoon, “Korea Eximbank”) at the Korea Chamber of Commerce & Industry on the afternoon of May 15.

The seminar was held to explore ways to increase the competitiveness of Korean contractors in the overseas project market and develop customized financial solutions to support Korean contractors.

Around 200 participants from builders such as GS E&C and Lotte E&C and industry groups such as International Contractors Association of Korea and Korea Plant Industries Association attended the event.

Noting that “the cumulative value of overseas construction contracts awarded to Korean firms has reached USD 630 billion”, Korea Eximbank Chairman Lee Duk-hoon said in his congratulatory remarks that the bank will “provide active financial support to promote the joint participation of large Korean firms and their SME partners in overseas projects, as well as to assist the globalization efforts of SME and medium-large builders.”

The seminar was divided into two sessions: one on how to strengthen the competitiveness of Korean players in winning overseas construction deals, and the other on the long-term strategy concerning the provision of export finance to support overseas projects.

Seoul National University professor Lee Bok-nam presented the first session themed ‘‘Turning the Korean Construction Sector into a Global Champion Industry’.

Noting that “the biggest obstacle to the globalization of the sector lies in the shortage of globally competent talent”, Professor Lee stressed the need for “the government to invest in the education of global talent, and for corporations to overhaul their HR practices and organizational structures”.

Sogang University professor Nam Ju-ha presented the second session on ‘The Role of Government-Mandated Financial Institutions in Strengthening the Use of Export Finance’, with Korea Eximbank Executive Director Park Il-dong, Director General Yoo Hyoung-chul of the International Economic Affairs Bureau of the Ministry of Strategy and Finance, and Daewoo E&C Director Choi Jong-il participating as discussants.

Professor Nam remarked that “strengthening the usage of export finance to support the overseas construction sector would require government-mandated financial institutions to enhance their competitiveness, strengthen their role as investors, increase support to high value-added industries including overseas construction, and bolster support to SMEs”. To that end, the professor saw it as “crucial that the role of Korea Eximbank be further expanded”.