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Posco E&C breaks ground for its first project in Africa

Collected: 2017.12.11

Distributed: 2017.12.12

Source: Go Direct

[Photo by Posco Engineering & Construction Co.]

South Korea’s Posco Engineering & Construction Co. initiated a road paving project it had won from Mozambique for 50 billion won ($45.7 million), its first project in Africa since its foundation.

Posco E&C announced on Monday that it held a ground breaking ceremony for the project in Nampula, which was attended by Mozambican President Filipe Nyusi.

The project expected to take about 30 months to complete aims to pave a 70-kilometer-long, two-lane road from Nampula to Nametil with asphalt. The Mozambican government expects that once the road opens, travel time from Nampula to Angoche is expected to be significantly reduced from current 2.5 hours to 1 hour, which would give a big boost to the country’s economic development.

Posco E&C has won various construction orders in overseas markets including city development and construction of roads, power plants and steel mills in Asia and Latin America. But it has not obtained any deal in Africa until the latest project in Mozambique.

An official from the company said that the Mozambique road construction project would help the Korean builder expand its presence in African countries such as Tanzania and Ethiopia at a time when it is suffering from competitive pricing by its rivals in other overseas construction markets.

By Chu Dong-hun and Choi Mira

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