Foreign construction orders exceeded $30 billion for three consecutive years.
The Ministry of Land, Infrastructure and Transport and the Overseas Construction Association announced on the 10th that Korean companies achieved $31 billion in overseas construction orders last year.
Last year, 319 Korean companies entered 97 countries and won a total of 580 overseas construction projects. As a result, foreign construction orders were found to receive 31 billion dollars, more than the previous year’s foreign construction order record of 30.6 billion dollars.
The Ministry of Land, Infrastructure and Transport explained that this is the result of omnidirectional efforts to win orders with ‘One Team Korea’ even in difficult situations such as economic recession, price increases for building materials due to the war in Ukraine, and high interest . rates.
Foreign construction orders rose from $22.3 billion in 2019 to $35.1 billion in 2020, and then reached the $30 billion level for three consecutive years.
Looking at order performance by region, Asia (39%), Middle East (29%), North America/Pacific (15%), and Europe (11%) accounted for the highest percentage of orders received in Asia.
The Middle East accounted for less than last year (37%), but in the second half of the year, orders from industrial facilities showed an increase.
In North America and the Pacific region, it expanded its share by winning orders worth $ 4.5 billion (15%), including large semiconductor plants and auto parts production plants ordered by domestic manufacturers.
The African region accounts for a small share of the total at 4%, but recovered to the 2020 level ($1.1 billion) by winning orders of $1.2 billion, including Nigerian industrial facility repairs, EDCF and ODA-funded construction .
By country, Indonesia ($3.67 billion), Saudi Arabia ($3.48 billion), and the United States ($3.46 billion) received the most orders.
By type of construction, orders for industrial facilities (plants) accounted for 42%, which accounted for the highest share, but the amount fell by 20% from the previous year due to a temporary drop in orders from the Middle East. This was followed by construction (28%), civil engineering (19%), and service (6%).
The number of orders received by small and medium enterprises (SMEs), which decreased with the advent of COVID-19, has rebounded to the level of 2019. Orders received last year were $1.6 billion.
Director Kim Sang-moon of the Construction Policy Office of the Ministry of Land, Infrastructure and Transport said, “Despite the difficult internal and external circumstances, we achieved a result of 31 billion dollars last year thanks to the hard work of our entrepreneurs from faraway countries.” We will do our best to achieve an annual foreign construction order of 50 billion dollars by 2027 and become one of the top four construction powerhouses in the world by actively supporting the expansion of foreign companies through various measures, etc.”
Enquiries: Overseas Construction Policy Division, Ministry of Lands, Infrastructure and Transport 044-201-3517
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