Doosan chairman YH Park has praised the company's employees for making 2011 the company's "biggest ever year".

"It has been a very challenging yet rewarding year," Park says. "We expanded our production bases to target new markets, and improved the competitiveness for our products and technologies through continuous investment."

Last year, the company's recruitment initiatives resulted in 3,000 new employees - the largest intake in Doosan's history - joining the forklift and construction equipment manufacturer.

The company says other achievements include establishing a full line-up of production systems to engage the Chinese market, including completing an excavator factory in Suzhou, China; constructing an excavator plant in Brazil; new customers in the South American market; and a signed contract for construction of Korea's first coal-to-gas power plant.

Park is confident about Doosan's opportunities in 2012.

"Even though the current fiscal troubles in Europe could stretch out for some time, one could also regard it as a period to prepare for new growth.

"The US market has already begun to show signs of recovery - though slow - thanks to an increase of replacement demand. Emerging markets like China will still be major [players] and should create opportunities for the world economy."

Park says the company will prioritise technological improvements and product competitiveness. "Our top priority should be the improvement of technology and product competiveness. Regardless of external conditions, continuing to achieve the world's top level in technologies and products is a must.

"We should be mindful that only the well-prepared can stay ahead of their competitors. Therefore, the more difficult the challenges, the more important are efforts to strengthen fundamental capabilities and secure the requirements for sustainable future growth."

In 2011, Doosan won contracts worth more than USD13 billion and had sales of about USD24 billion.