- Execution of ‘Agreement for joint pursuit of East-north light railway line project’ also… Pursue joint winning of the order for private sector investment projects in Korea in earnest - Pursue joint winning of orders for development projects in Asian regions… Acceleration of development of overseas market
HYUNDAI AMCO is earnestly pursuing reinforcement of its capabilities to win orders for private sector invested projects in Korea and for projects in the Asian region including East-north light railway line by executing strategic cooperation contract with the 3rd ranked construction company in the world.
HYUNDAI AMCO, a subsidiary construction company of Hyundai Motor Group of Companies (Representative Director: Kim, Chang Hee; www.hyundai-amco.co.kr), announced that the company executed ‘MOU for strategic cooperation’ to win projects in Korea and Asian regions jointly on the 26th at the Lotte Hotel in Sogong-dong, presided by the president Cho, Wei Geon of Amco and president Dominique Gazal for the Asia-Pacific Region of Bouygues of France.
Through this contract, both companies have decided to pursuing winning of East-north light railway line project and private sector investment projects in Korea as well as development projects in Asian regions including jointly in earnest as well as Tadadi Harbor development project in India by establishing long-term cooperative relationship on the basis of mutual cooperation.
In addition, both companies agreed to enhance their competitiveness in winning orders by reinforcing close cooperation including sharing of information on tenders for social infrastructural facilities including tunnel, road, bridges, harbor and railways in Singapore, Vietnam and Malaysia on the basis of assertive technological alliance in the future.
Pursuing of joint tendering by executing such strategic cooperation agreement for a domestic construction company is an unprecedented event. Both companies anticipate that they would be able to maximize synergic effect by reinforce their mutual cooperation in the areas of sales and technology and pursuing aggressive tendering activities on the foundation of execution of this agreement.
In addition, at this contract signing ceremony, HYUNDAI AMCO, Hyundai-Rotem and Bouygues of France also executed the “MOA for joint pursuit of the private investment project for East-north light railway line project’ in order to jointly participate in the East-north light railway line project valued at approximately 1 trillion Won being pursued in the Build-Transfer-Operate (BTO – profit generation type private sector investment project) format. The East-north light railway line project is for construction of 12.3km railway line that connects Wangship-ri to Bank cross-road at Joonggye-dong with plans to designate preferred bidders in October and commence construction in 2012.
At the contract signing ceremony, president Cho, Wei Geon of HYUNDAI AMCO, after having stated that “with this cooperation contract, HYUNDAI AMCO and Bouygues of France has created a unprecedented model for cooperation relationship in the domestic construction industry” and disclosed that “both companies hope to further expand our winning of orders for projects in Korea and Asian regions on the foundation of this cooperation.”
HYUNDAI AMCO is planning to become a global construction company with independent competitiveness by expanding the proportion of non-Group related projects to 80% by 2015 through assertive diversification of the businesses including spurring on of development of overseas markets including Asia along with expansion of order for private sector invested projects in Korea on the foundation of this contract.
Bouygues of France with 58-year old history is the 3rd ranked construction company in the world with revenue of 34.5 trillion Won in 2009, and has internationally recognized technological capabilities in transportation (ranked 1st in the world) and power generation (3rd in the world). In particular, this company is assessed as the foremost leader in tunnel boring technology in the world. They participated in the construction of Machang Bridge and Busan New Port project in Korea.
HYUNDAI AMCO is aiming to achieve revenue of 1.6 trillion Won and winning of orders valued at 3.1 trillion Won this year, and has achieved ranking of the 19th in terms of construction capacity evaluation for 2010, which was announced in last August, a step higher than last year.
<Photographs> Mr. Cho, Wei Geon, the president of HYUNDAI AMCO (in the middle), Mr. Lee, Min Ho, the president of Hyundai-Rotem (on the right), and Dominique Gazal, president for the Asia-Pacific Region of Bouygues of France (on the left) are posing after having executed the “MOA for joint pursuit of project for private sector investment into the East-north light railway line.”