Argentina seeks bids on $20bn plan

The Argentine government will invite bids for parts of its $20 billion, five-year infrastructure plan that it hopes will help revive the stagnant economy, officials said.

The government will call for tender offers this month for the first 50 projects in the infrastructure plan, whose construction should begin in June, Public Works Secretary Anibal Rothamel said.

The public works plan seeks to stimulate economic growth in a country where gross domestic product sank 3.2 percent in 1999 and was stagnant in 2000. National construction indices likewise fell 12.3 per cent in 2000, according to the Economy Ministry.

The plan foresees construction projects ranging from highway improvements to hospitals and is hoped to reinvigorate the steel sector in Latin America's third-largest economy.

The government is set to tender some $4 billion in projects during 2001. The tender and staggered payment plans for the projects reflect the cash-strapped government's focus on thrift to ensure it meets budget goals set by the International Monetary Fund.

Hyundai spins off division

Seoul: Hyundai Engineering & Construction Company was to spin off its engineering division as an independent company to be called Hyundai Engineering with effect from February 28.

Hyundai Engineering will be capitalised at 14.7 billion won ($11.8 million) and will focus its operation on project management, designing and construction inspection. The new company will also take part in turnkey projects, and aims at boosting its sales for this year to 110 billion won ($88.3 million) on 150 billion won worth of orders.

NAFCD to co-sponsor Coverings

North Palm Beach, Florida: Coverings, the International Tile and Stone Exposition, has announced that the US' National Association of Floor Covering Distributors (NAFCD), has become an official co-sponsor of the show, which will take place from May 21-23, 2001 in New Orleans, US.

"We're bringing two strong organisations together," said Hoy Lanning, president of the NAFCD. "Our distributor members are looking to grow their ceramic tile business, and to develop new relationships with other manufacturers in order to broaden their selection of products."

NAFCD membership encompasses distributors, manufacturers, and suppliers throughout the US, Canada, and Europe and represents all categories of floor covering products such as tile products, carpet, cushion/padding, rugs, ceramic tile, installation accessories, wood flooring, rubber flooring and high pressure laminates.