(MENAFN- QNA) Overseas construction projects won by South Korean builders so far this year have risen 5.2% from a year earlier with the annual total expected to top US$70 billion, the government said Tuesday.
In the first nine months, overseas construction orders amounted to $48.3 billion, the second highest for the cited period, according to the Ministry of Land, Infrastructure and Transport.
"It appears our efforts to diversify our market are finally materializing," it said in a press release.
Yet, construction orders from Middle Eastern countries, traditionally the largest market for South Korean builders, came to $26.22 billion, accounting for more than half of the total in the January-September period.
The ministry noted that the growing instability in the Middle East, caused by the ongoing conflicts in Syria and Iraq, may present new difficulties for local companies in the region.
Orders from Central and South American nations amounted to $5.57 billion, or 11.5% of the total, with projects from African states coming to $2.06 billion, or 4.3% of the total.
Construction orders from Asian countries, on the other hand, plunged 46.8% on-year to $10.48 billion over the cited period, accounting for 21.7% of the total won by local construction companies, according to the ministry.
The ministry attributed the drop to a fall in the number of large construction projects in the region.
By type, orders for industrial plants accounted for 80.6% of the total, followed by engineering projects accounting for 7.9% and construction projects worth $3.47 billion, or 7.2% of the total.
The ministry said overseas orders during the remainder of the year were expected to reach well over $20 billion, putting the annual total at over the government's target of $70 billion.
"A survey of reports from construction companies has shown that the companies are set to sign new construction deals, together worth about $15 billion, while they are also seeking to take part in other projects worth over $100 billion in total," it said.
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