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A few years ago many Korean construction companies were
on the verge of collapse following the Asian financial
crisis.
But the companies, including industry leader Samsung
Corp., have transformed the situation by succeeding in
overseas construction markets.
Although the domestic market is showing little sign of
improving, the builders are enjoying robust growth
thanks to surging construction demands in Southeast
Asia, Southwest Asia the Middle East.
In 2001 in India, which represents the largest
construction market in West Asia, Samsung Corp. won a
$127-million project for participating in the
construction of a subway system in New Delhi.
Samsung Corp.’s engineering and construction unit also
won a contract worth $55 million to build a hydraulic
dam project in northern India in 2000.
Under the contract, awarded by India’s National
Hydroelectric Power Corporation, Samsung has recently
completed engineering work of a 4.4-km water conveyance
tunnel and 330-meter vertical tunnel of the dam near the
Dhauliganga River.
The
company won the contract in a consortium with an Indian
builder after fending off competition from Japan's
Kajima and Shimizu consortiums and Germany’s Dywidag.``There is a boom in construction orders from India. As the country pursues its economic expansion plans, construction demands will grow sharply, and there will be more opportunities for us,’’ a Samsung Corp. official said.
Samsung Corp. has emerged as a global construction leader in terms of ``construction capability.’’
Samsung Corp.’s proportion of construction sales in its operations increased up to 50 percent, resulting in a rise in the score for the financial and management status item. The score is based on multiplying the ratio of construction sales to real capital by the management grades.
The company’s construction unit is also a plant builder and housing developer. To date, the group has to its credit Malaysia’s Petronas building, the world’s highest edifice, 452m high, with 92 stories above ground; New Busan Port; Incheon International Airport; Ulchin Nuclear Power Plant; and Raemian and Trapalace, the apartment complexes.
From energy resources to housing, each of these projects is a powerful testimony to the group’s technological excellence. Last year, the group won a contract to build the world’s highest building, Burj Dubai.
In Taiwan Samsung Corp. won an order for furnishing the interior of the 101-story Finance Center in Taipei that is worth about $64 million, a huge project by interior design and decoration standards.