private-sector capital investment plans, including GX fund formation to redesign industrial facilities for a different purpose, and promote various R&D projects related to carbon neutrality. In the domestic building construction business, orders as well as inquiries for ultra-large projects are on a rapid upswing, presenting us with a major opportunity to achieve stable growth in the future. We will strive to expand orders for logistics facilities and production facilities—projects where we have always demonstrated strength—but we will also prioritize growth markets such as ReReC®, where our engineering capabilities can shine, and invest resources in non-contract work, aiming for business models different from those applied to contract work. ReReC® holds particular promise, and we anticipate a significant increase in related proposals as a growing need to renovate and convert the use of existing buildings replaces faltering interest in new construction. Toward this end, we are eager to raise our profile to secure more orders and establish a solid position in the market.In the overseas construction business, our focus had been on civil engineering projects under ODA initiatives, but we plan to pursue more private-sector projects in the Philippines. The country has great renewable energy potential, and the government is actively promoting the shift to green power. By participating in infrastructure development there, we are also contributing to community-driven solutions to environmental issues. In the local construction sector, CCT is the No. 1 The Group identified “realization of a carbon-neutral society” as an issue of materiality, and we acknowledge that global warming is a major social issue. Our participation in the offshore wind power construction business described above offers a remedy for global warming. Other solutions are ZEB and ZEH proposals to construct buildings with low environmental impact, immobilize CO2 emissions from work vessels, and use low-carbon fuels in construction machinery. In addition, for more than 20 years, we have been cultivating beds of eelgrass that encourage CO2 absorption and immobilization through a blue carbon ecosystem and contribute to a nature-positive world. We are looking to expand the area of this activity. We will also seek to leverage initiatives other than eelgrass bed cultivation such as algal reef blocks and artificial tidal flats that support blue carbon ecosystems. At the same time, given the fast-decreasing birthrate and the rapidly aging population, the keys to ensuring the sustainability of the construction industry will be to invest in human capital Japan-affiliated general contractor. Since the significant economic growth that the Philippines is now experiencing is expected to continue, our goal will be to expand business by maximizing current resources while working to secure orders from blue-chip companies and orders for logistics and production facilities for mainstay Japanese, European, and U.S. corporate clients. In the offshore wind power construction business, we are developing a supply chain for work vessels and offshore construction using these vessels. I sense the market is expecting great things from the Toyo Construction Group. We have earned a high reputation in the market through capital investment in the self-propelled, cable-laying vessel and for the success of our R&D efforts in suction bucket foundations and TLP-type floaters. Going forward, we aim to enhance our engineering capabilities in offshore construction, including related businesses, starting with the market launch of the self-propelled, cable-laying vessel currently under construction, and will maximize future profitability by accurately pinpointing business-specific market needs. We will also work to improve the corporate infrastructure through alliances with leading companies both in Japan and overseas to steadily advance mutual use of our fleet of vessels and the promotion and commercialization of technology development. Through these activities, we aim to capture top share in offshore wind power construction, which will begin in earnest in 2027.and strengthen ties with business partners. The Group will utilize the Construction Career Up System (CCUS) of the Japan Construction Industry Promotion Fund to improve the work environment and working conditions, while striving to boost productivity and profitability through DX and ICT technologies. In addition to measures such as work-style reforms and the creation of a safe work environment, we will enrich our human capital by updating educational programs and promoting other approaches that will turn “just human resources” into “human resources as assets.” By ensuring that we fulfill our “Declaration of Partnership Building” and by having our business partners comply with and practice our Sustainability Procurement Policy, we can contribute to the healthy development of the entire construction industry and realization of a sustainable society. Through these efforts, we will balance “solving social issues through business activities” with “enhancing the business foundation” and, in so doing, fulfill our social mission.TOYO CONSTRUCTION I INTEGRATED REPORT 2024 Robust efforts to solve environmental and social issues through business activities 19
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