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Active government-support afoot for port construction contractors to advance into overseas markets
Friday, February 24, 2017, 12:15:51 Paul Yoon ckyoon7@paran.com
The government is seeking solutions for port construction (PC) contractors now struggling in South Korea amid the ongoing construction industry slumps at home in the way they can advance into overseas PC markets. MOF (Ministry of Oceans and Fisheries) unveiled on Feb. 23 ‘Overseas Port Development Plan for 2017’ to help domestic PC contractors upgrade their international edge and make inroads into overseas PC markets.

MOF puts a particular emphasis this year on tackling a chronic funding problem in developing overseas PC projects. PC players have suffered difficulties with raising funds from policy financial players and domestic bankers for their overseas projects.

To solve the funding problem, MOF plans to provide a briefing on PC projects to financial players from this year and prepare for financial support system tailored to the nature of MDB (Multilatral-development banks), of policy-financial institutes and ECA (Export Credit Agency) in close collaboration with financial players. In addition, MOF will actively drive special funds to be separately raised for PC projects in an effort to level up PC players’ financial edge.

The particular emphasis put by MOF on the leading roles in state-run port authorities for PC projects is an import change. The government will form a coordinating body in public-private partnership to efficiently run port development projects relying on capacity of port authorities, and build a closer tie-up system between state-run players, private enterprises and financial institutes to effectively pursue PMC (project management consulting)..

Also, in developing overseas PC projects, the government will switch its previous focus on emerging economies that had high PC demand, to the strategy to actively develop logistics-foothold PC projects, backed up by Korean PC contractors’ estimated demand. Like China’s strategy to build ‘Silk Road’ on land and at sea (‘One Belt, One Road’), MOF plans to establish a Korean modeled PC development strategy tailored to Korean PC players’ estimated demand so that they can move into overseas PC markets.

MOF will also make active use of ‘Overseas Port Development Information Service’ (www.coscop.or.kr) opened last month. The service offers to Korean PC players integrated information on latest trend of overseas PC development projects by each country in real time. And it will publish from the 2nd half this year an international information map that lists major overseas country’s economic indicators, logistics information, overseas port development project information and investment risks.
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