Korea Expressway Company is making progress on its largest abroad undertaking so far, a freeway in Turkey that might function a gateway for increasing its experience into Europe and past.
The corporate celebrated a key milestone final month by signing a monetary settlement for the Nakkas-Basaksehir Motorway in Istanbul. The expressway, at 2.1 trillion received (about $1.5 billion), is a part of Turkey’s bold efforts to enhance regional transportation.
A essential hyperlink in Turkey’s freeway community
The Nakkas-Basaksehir Motorway is the ultimate piece of the Northern Marmara Motorway, a significant infrastructure undertaking aimed toward easing site visitors in Istanbul and boosting connectivity between Europe and Asia. Stretching 31.3 kilometers, the highway will embody 4 to eight lanes and is ready to be accomplished in simply over two years. After development, KEC and its companions will function and preserve the freeway for 15 years earlier than handing it over to the Turkish authorities.
This expressway is a part of Turkey’s long-term imaginative and prescient to develop its freeway system from 3,600 kilometers right this moment to over 20,000 kilometers by 2053. By engaged on this undertaking, KEC not solely contributes to Turkey’s infrastructure objectives but in addition positive factors helpful expertise in managing large-scale worldwide initiatives.
A brand new strategy to abroad enterprise
KEC’s position on this undertaking alerts a shift in its worldwide strategy. As an alternative of merely bidding on development contracts, the corporate now takes on a co-investor position in public-private partnership initiatives. This permits KEC to share dangers and rewards with companions, similar to Turkey’s Ronesans Holding and Korea’s Samsung C&T, whereas sustaining a extra lively position in operations.
“It is a turning level for us,” mentioned Ham Jin-gyu, CEO of KEC. “By taking part in PPP initiatives like this, we’re not solely decreasing dangers but in addition setting the stage for extra significant, long-term alternatives in international markets like Europe.”
This transfer aligns with the Korean authorities’s broader push to encourage corporations to tackle abroad PPP initiatives, which may present sustainable advantages for Korea and the host nations.
Sharing Korean experience
For KEC, the undertaking can be an opportunity to showcase its experience in freeway upkeep and administration, developed over 50 years of working Korea’s highway networks. As soon as in operation, the corporate plans to ship consultants to Turkey to share superior upkeep methods tailor-made to native situations. This alternate will strengthen KEC’s fame whereas serving to Turkey modernize its highway administration capabilities.
“Turkey’s position as a bridge between Europe and Asia makes it a super accomplice for us to introduce our highway administration know-how and discover enlargement into broader markets,” a KEC official mentioned.
