On June 15, in attempt to win future bids on developing Lao infrastructure projects, Daewoo Engineering and Construction Co. (Daewoo E&C) signed a Memorandum of Understanding (MOU) with Lotte Engineering & Construction, the KDB, and Korea Trade & Insurance Corporation with Petroleum Trading Lao Public Company (PTL) .
The strategic partnership will actively pursue bids on future projects such as the Mekong River Hydro Power Project, the Deep Sea Port Project, and the SEZ Projects .
Daewoo E&C first arrived on the scene in 1994 and completed the Howeiho Hydropower Project in Laos, the first IPP project by a Korean company. Since then, Daewoo E&C has focused on strengthening its capabilities as a global infrastructure and energy developer, making an effort to expand its business bases markets.
A Daewoo E&C spokesman stated, “This partnership is expected to gain momentum through smooth financial support and close cooperation with local governments, as large Korean construction companies, the KDB and a large oil company in Laos were involved in the project. This project will lead to the expansion of IPP and infrastructure projects in Laos.”
Laos has recently emerged as a front contender to potentially provide electricity for neighboring countries, as the Lao government is moving aggressively to develop energy-related infrastructure facilities.