K-Construction and K-Culture Join Forces to Expand Overseas... ICAK and KOFICE Team Up

[Financial News] The International Contractors Association of Korea (ICAK) is joining forces with the Korean Foundation for International Cultural Exchange (KOFICE) to explore ways to promote K-construction and K-culture overseas.
According to industry sources on the 8th, ICAK signed a memorandum of understanding (MOU) with KOFICE the previous day to promote the integrated overseas expansion of cultural content and overseas construction.
The agreement was pursued to create a foundation for the joint overseas expansion of companies involved in K-construction and K-cultural content by linking the two organizations’ expertise, including their technologies, and their networks. In particular, the organizations plan to develop new cooperation models for entering overseas markets by connecting ICAK’s key initiative, the “Integrated K-City Platform,” with KOFICE’s international cultural exchange and content-related projects. The platform initiative, which ICAK is focusing on, combines various industries and services—including K-content—with urban development. It is a new type of platform designed to expand the scope of overseas opportunities for Korean companies.
The two sides will make a full-scale push to open new avenues in overseas markets by combining content that maximizes their respective strengths. Under the agreement, they will cooperate on exchanging information on overseas construction, urban development, international cultural exchange, and cultural content; linking K-City with the two organizations’ projects; identifying overseas business opportunities and building networks for participating companies and association members; and supporting the joint overseas expansion of companies in the construction and content sectors. The organizations plan to pursue sustained joint overseas expansion not only through substantive joint projects but also by expanding connections among participating companies.
Han Man-hee, chairman of ICAK, said, "Overseas construction has recently evolved beyond physical infrastructure to also take culture and lifestyles into account. If KOFICE’s expertise and global network in cultural content are combined with K-City, our culture and content could be realized more concretely in overseas cities and spaces."

[email protected] Jung Kyung-soo Reporter