Türkiye and South Korea Contractors Join Forces

Over 50 percent of buildings in our country are constructed illegally. Türkiye Müteahhitler Birliği (TMB), representing leading firms in Turkey's construction sector, signed an important cooperation protocol with South Korea's Müteahhitler Birliği (CAK). The protocol, which will advance the partnership of TMB and CAK member companies, particularly in third countries, was signed by TMB Chairman Mithat Yenigün and CAK Chairman Joo Hyun Yoo. The signing ceremony held in Istanbul was attended by delegations from both associations as well as South Korea's Ambassador Hong Ghi Choi. Türkiye Müteahhitler Birliği Chairman Mithat Yenigün said, "As associations representing leading firms in Turkey and South Korea's construction sectors, we are excited to take an important step toward a cooperation process with this signed protocol." Yenigün noted that the cooperation protocol would provide strong momentum to existing partnerships between the two countries, stating: "Until now, Turkey and South Korea have undertaken approximately USD 25 billion in joint projects between 2011 and 2018. Through this protocol, our cooperation will increase, our member companies will be able to monitor each other's activities more closely, combine their financial and technological capacities, and have the opportunity to act jointly in third countries and expand market shares." TMB Chairman Yenigün continued: "Our partnership will enable us to create new projects in many markets, particularly Sub-Saharan Africa, as well as Middle East and Eurasian countries and India. In this process, I would like to highlight the importance of valuable support from both Turkish Eximbank and Korea Eximbank. Turkish contractors reached USD 11 billion in new work volume as of the end of August this year abroad. With the influence of rising energy prices and opportunities in target markets, we expect our annual work volume to reach USD 20 billion again by the end of this year."

Joo Hyun Yoo: "Our cooperation will strengthen our strong position in the international market"

South Korea's Müteahhitler Birliği (CAK) Chairman Joo Hyun Yoo said, "Turkey, founded by Mustafa Kemal Atatürk after World War I, has recorded significant growth until today. It has become a country with great potential. It has especially become a global power in the construction industry." Yoo emphasized that developing relations between his members and Turkish contractors strengthened both countries' positions in the global construction market. South Korea's Ambassador Hong-Ghi Choi said, "Within the framework of our 60-year diplomatic relations as two nations, our partnership has gained important depth in political, economic and cultural dimensions, particularly in the defense industry. This partnership, which brings together important representatives of the construction sectors of two nations with a long-standing friendship and will take existing cooperation to higher levels, will also make a great contribution to the prosperity of Turkey and South Korea."