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  HOME | Latin America (Click here for more)

S. Korea Heads to Latin America to Revive its Construction Sector

SEOUL - South Korea is looking to expand the business of its construction firms in Central and South America to offset declining contracts in the Middle East, said the Ministry of Land, Infrastructure and Transport, Wednesday.

Kang Ho-in, who is in charge of the ministry, is set to visit Panama and possibly two other Latin American countries in late June as part of a new government strategy, an official told news agency Yonhap.

He will attend the launch ceremony of the newly-expanded Panama Canal on June 26 as special envoy of President Park Geun-hye, besides meeting senior officials from Central and South American nations, in a bid to help South Korean builders to secure contracts in these countries.

Seoul's attempts to promote its construction firms in the Latin American region comes after a notable fall in demand in the Middle East, one of its main markets in the sector, triggered mainly by a sharp drop in crude oil prices in recent times.

 

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