South Korean construction firms are expanding beyond traditional markets in the Middle East and Southeast Asia, targeting North America, Africa, and Australia. They are also broadening their focus beyond engineering, procurement, and construction (EPC) projects to renewable energy, nuclear power, and investment-driven developments as they target $2 trillion in cumulative overseas orders.
According to industry sources, DL E&C recently entered the North American market through a carbon capture, utilization, and storage (CCUS) project. In November 2024, the company signed a contract with Canada’s Genesis Fertilizers to provide design and technology licensing for an eco-friendly fertilizer plant that produces blue ammonia by removing carbon dioxide from natural gas. DL E&C is responsible for front-end engineering design (FEED), while its subsidiary, Carbonco, supplies CCUS technology. Carbonco was established in 2022 to spearhead DL E&C’s CCUS business.
“This agreement marks our entry into the North American blue ammonia market,” a DL E&C official said. “With the U.S. and Canada increasing support for green projects, we anticipate further contract wins in the region.”
GS E&C is strengthening its presence in Australia’s infrastructure sector. In October 2021, a GS E&C consortium was awarded the North East Link (NEL) road project, which connects Melbourne’s northeastern orbital road to the Eastern Freeway. The project, valued at 10.1 trillion won ($7.5 billion), includes constructing a 6.5-kilometer tunnel, with GS E&C’s share amounting to 2.8 trillion won. The company is using tunnel boring machine (TBM) technology, which minimizes vibration and noise while enhancing safety.
Australia’s construction market is dominated by local firms, with most foreign players coming from Europe. GS E&C partnered with an Italian construction company to secure the contract.
After decades of operations in Africa, Daewoo E&C is now expanding its footprint and diversifying its portfolio. Since entering Nigeria in 1983, it has completed 71 projects worth around $10 billion. It is currently involved in the Nigeria Liquefied Natural Gas (NLNG) Train 7 project, as well as emergency repair work at the Kaduna and Warri refineries. In Libya, where infrastructure has deteriorated due to past conflicts, the company has undertaken 163 projects worth $11.4 billion since 1978.
Daewoo E&C is also engaged in Iraq’s reconstruction efforts. The company has executed nine projects worth $3.8 billion, including the Al Faw port breakwater, which commenced in 2014. It is currently working on Iraq’s first immersed tunnel project and expects to win contracts for naval and air force bases this year.
“With long-standing trust built in Africa and Iraq, we have secured contracts through direct negotiations,” a Daewoo E&C official said. “We plan to expand into new African markets such as Mozambique and increase our footprint in Turkmenistan.”
An International Contractors Association of Korea (ICAK) representative noted that Chinese and Southeast Asian competitors are aggressively securing EPC contracts, prompting South Korean firms to pivot toward new business areas.
“Korean construction companies are moving away from conventional EPC projects and expanding into renewable energy, nuclear power, small modular reactors (SMRs), and investment-driven developments,” the official said.
