THE SUCCESS FACTORS OF PARTNERING IN THE SOUTH KOREA PM&CM MARKET

Since the designation of the South Korean Construction industry as an open market industry by the World Trade Organization (WTO) in 1994, South Korea's construction firms were exposed to competition from firms of other advanced countries. Increased competition in the industry raised quality of production and lowered the cost of construction projects. Therefore, many big construction projects were planned and constructed with foreign construction partners during the last decade. Also, from those projects the South Korea Construction industry accumulated experience in and knowledge of both project management and construction management perspectives. However, in the process of conducting those big projects, many problems - specifically responsibility and the limit of competence - occurred between foreign construction partners. Hence, this study attempts to improve its role model that is for local and foreign companies to enter into Joint Ventures in the South Korea construction industry.