South Korea announced Monday that it has established a new operational guideline to manage the Overseas Plant Expansion Project, effective immediately. The guideline provides a standardized framework for supporting South Korean companies’ efforts to secure contracts in the overseas plant, equipment and shipbuilding markets. It replaces the previous patchwork of legal references and general subsidy rules, and designates the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Institute for Advancement of Technology (KIAT), the Korea Plant Industries Association and the Korea Association of Machinery Industry as the project’s lead operating agencies.

The new framework sets out clear procedures for project planning, grant applications, subcontractor selection, contract management and auditing, aiming to improve transparency, predictability and competitiveness. The trade ministry (MOTIE) stated that the move will strengthen South Korean firms’ ability to compete for global infrastructure projects and contribute toward the government’s target of winning $35 billion in overseas plant contracts this year.