What do Marina Bay Sands, Keangnam Hanoi Land- mark Tower and Telekom Malaysia have in com- mon? Aside from being the most iconic landmarks in Asia, these famous buildings were all constructed by South Korean companies. As such, Korean companies have long been known for their building prowess, but with orders for overseas construction projects having plunged by 58 percent during the past two years in Korea, the government is setting out to help related companies develop new export markets.
   The Korea Trade-Investment Promotion Agency (KOTRA) is also doing its part to support Korean companies clinch deals this year, kicking off Global Project Plaza (GPP) 2017 on April 18. Held in Lotte Hotel World in Seoul, the three-day event was hosted by the Ministry of Trade, Industry and Energy and organized by KOTRA. Since its launch in 2008, GPP has helped 3,700 Korean companies build close partnerships with over 1000 foreign project owners and government officials. This year’s plaza introduced projects worth KRW 111 trillion (USD 96.8 billion) and was comprised of forums, project seminars and one-on-one project consultations. The event helped solve some of the questions Korean companies had about overseas projects, and increased the chances for achieving tangible results.

   “Up until recently, we focused heavily on doing business in the Middle East and Asia, but we’re diversifying our export markets by partnering up with companies in South America and Africa as well,” said KOTRA’s Vice President Seog Ki Sun during his welcoming remarks. “Events like GPP provide opportunities for us to strengthen cooperation, especially as Korea is home to the world’s most advanced construction technology.”
   To help both foreign and Korean companies get a better understanding of the world economy, KOTRA invited Rajiv Biswas, Asia-Pacific Chief Economist of IHS Markit, a global consulting firm. According to Biswas, the global growth is expected to pick up from 2.5 percent in 2016 to 2.9 percent in 2017 and 3.1 percent in 2018, led by the United States and commodity-exporting regions. In regards to the Asia-Pacific region, he emphasized the emerging Asian

consumption growth will be the key global growth engine. His presentation also took a closer look at Korea’s smart cities with Songdo being a key example. Songdo, built from scratch on reclaimed land in Incheon, is being hailed as the world’s first smart city. Biswas predicts that innovative cities like Songdo will serve as a major model for other regions that want to become just as eco-friendly and sustainable.
   Unlike previous GPP events, major U.S. and European EPC (engineering, procurement, construction) companies participated in two roundtable discussions this year. In particular, leading construction companies from Spain participated in the Korea-Spain roundtable discussion and partnering meetings, talking with Korean companies on how they might together enter markets in the Middle East and Central and South America.
   One company that was able to strengthen cooperation with a number

of Korean businesses through one-on-one meetings was Saudi Arabia's Saline Water Conversion Corporation (SWCC). SWCC is responsible for the desalination of seawater producing electric power and supplying various regions in the Kingdom with desalinated water. "Korean companies have a competitive price advantage," said SWCC Manager Ali Al Shuqair. "Korean companies generally offer lower prices than European companies and have great technological skills."
   Meanwhile, to help plant equipment SMEs expand their overseas export market, large EPC firms have stepped forward. At a meeting organized by the Korea Plant Industries Association

(KOPIA), Daelim Industrial, Daewoo Engineering & Construction, Doosan Heavy Industries & Construction and SK Engineering & Construction offered consulting services for Korean plant equipment SMEs.
   As mentioned by many GPP presenters and participants, technology is increasingly making its way onto the agendas of construction companies and city-planners as they realize that innovative and ecofriendly technology is as much a part of a city’s appeal as its flashy buildings. Deputy Prime Minister Inho Lee echoed this sentiment, saying, “Korea’s design, procurement and construction companies

have excellent technologies in the fields of smart city, water treatment and renewable energy. We will seek to strengthen strategic partnerships on an international level through more events like GPP.”