South-Korean-consortium-wins-$2.8-billion-contract-in-Panama
Shown above is an artist’s rendition of a metro station in Panama, which will be constructed by a South Korean consortium. The country’s business bellwether Hyundai E&C headed the consortium to win a $2.81 billion deal to build a 16-mile-long metro line in Panama’s capital city. Photo courtesy of Hyundai E&C

A South Korean consortium headed by Hyundai Engineering & Construction (E&C) has won a $2.81 billion deal to build a metro line in Panama, the builder said Wednesday.

On top of Hyundai, the consortium is composed of two other Korean constructors of POSCO E&C and a Hyundai affiliate dubbed Hyundai Engineering.

Under the contract, the three South Korean companies are supposed to build a 16-mile-long metro line with 14 stations for the largest-ever infrastructure project of Panama.

Hyundai plans to start to build the metro line, which will run through Panama City, during the first half of this year. It is scheduled to take 54 months.

South Korean construction firms have proactively tried to tap into overseas markets. They have clinched mega-sized projects in Africa, the Middle East, and other Asian regions.

By contrast, their performances in Central and South American markets have not been satisfactory. For Hyundai E&C, South Korea’s top builder, the metro project is its first deal in Panama.

This project is expected to strengthen our foothold in the Central and South American markets. We will keep trying to become a top-tier global player by securing more contracts across the world,” a Hyundai official said.

 

This article is provided by UPI News Korea. _ ED.