▲ Korea and Japan celebrate the 60th anniversary of diplomatic ties, strengthening construction cooperation and expanding partnerships focused on new businesses.

▲ Promote exchanges between leading Korean and Japanese companies to collaborate globally in pumped-storage hydroelectricity (PSH), data centers, ammonia, and LNG.

▲ Based on each company's outstanding business capabilities, the two countries will promote mutual benefits and sustainable development.

Hyundai E&C strengthens construction cooperation with Japan's leading global investment, development, and engineering company to accelerate its global expansion in energy transition and new growth businesses.

On Tuesday, April 22, Hyundai E&C signed a business agreement with ITOCHU Corporation, one of Japan's leading general trading companies, to strengthen business ties and explore business opportunities in pumped-storage hydroelectricity (PSH), data centers, ammonia, and LNG.

The signing ceremony, held at ITOCHU Corporation's headquarters in Tokyo, was attended by Hyundai E&C CEO Lee Han-woo, ITOCHU Corporation President Keita Ishii, Executive Vice President Hiroyuki Tsubai, and ITOCHU President and CEO Yasuhiko Asada, along with key executives from both companies.

The agreement represents a tripartite collaboration between Hyundai E&C, ITOCHU Corporation- a global investment and development project developer - and ITOCHU Plantech, a subsidiary of ITOCHU Corporation specializing in the plant EPC business. Through this agreement, the companies will explore various opportunities for cooperation in key business areas such as global data centers, ammonia and LNG projects, including the construction of pumped-storage hydropower (PSH) plants financed by public financial resources.

Founded in 1858, ITOCHU Corporation is one of Japan’s leading general trading companies, operating across a diverse range of sectors including textiles, machinery, metals and minerals, energy and chemicals, real estate, and finance. Hyundai E&C and ITOCHU Corporation have built a strong and enduring partnership, successfully collaborating on numerous large-scale projects, notably including the construction of the Sarulla Geothermal Power Plant in Indonesia.

Hyundai E&C also held a series of meetings with leading Japanese engineering firms JGC and Toyo Engineering Corporation to discuss ways to strengthen partnerships centered on renewable energy and high value-added businesses. JGC, recognized as Japan’s No. 1 global engineering company specializing in the design and construction of LNG, natural gas, and petrochemical plants, is collaborating with Hyundai E&C on the Basrah Refinery Upgrading Project in Iraq. Toyo Engineering Corporation, another leading Japanese engineering company with a long-standing relationship with Hyundai E&C, possesses outstanding expertise across all aspects of plant construction, including design, procurement, construction, and commissioning of industrial facilities, and holds ownership of the urea source design.

A Hyundai E&C source stated, “This year, as we commemorate the 60th anniversary of diplomatic ties between Korea and Japan, we will further enhance exchanges between leading Korean and Japanese companies to promote the mutual benefit and sustainable development of both countries.” “By combining our business capabilities and technologies, which already surpass global standards, we will further strengthen our leadership position in new growth businesses moving forward.”