Seoul, Jan 3 (IANS) South Korean builders have achieved more than $1 trillion in accumulated overseas construction deals, the transport ministry said on Friday.
The achievement comes 59 years after Hyundai Engineering & Construction Co. obtained its first overseas deal to build an expressway in Thailand in November 1965.
Local builders secured $32.69 billion worth of overseas orders in the January-November period, the International Contractors Association of Korea said earlier, bringing the accumulated total to $996.5 billion as of end-November, reports Yonhap news agency.
The figure for December has yet to be released, but the Ministry of Land, Infrastructure and Transport said the country’s accumulative overseas orders breached the $1 trillion mark during the month.
Nearly half of the orders in 2024 were from Saudi Arabia, according to the ministry.
The country has failed to meet its annual target of $40 billion in 2024, but its annual total reached the highest since 2015, when its overseas construction deals amounted to $46.1 billion, the ministry noted.
Meanwhile, domestic construction companies’ combined orders from the Middle East amounted to nearly US$10 billion this year, recording stellar growth from 2023, industry data showed recently.
According to the data from the International Contractors Association of Korea, domestic builders’ project orders from the Middle East amounted to $9.98 billion during the January-May period last year, logging an over sixfold jump from the $1.5 billion tally during the same period last year.
The strong on-year growth was attributed to Samsung E&A Co., previously known as Samsung Engineering Co., and GS Engineering & Construction Co. winning a $7.3 billion project in Saudi Arabia in April.
Backed by the strong performance in the Middle East, the total overseas orders of domestic builders between January and May amounted to $13.64 billion, recording the biggest tally for the period since 2020.
—IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
