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Turkish contracting sector undertakes international projects worth USD11.2B in 8 months
(MENAFN) In the first eight months of the year, Türkiye’s contracting sector undertook international projects worth USD11.2 billion, according to recent data from the Ministry of Trade. This performance underscores the sector's resilience and capability in managing global projects despite challenges such as the COVID-19 pandemic and the ongoing Russia-Ukraine conflict. The sector has shown a notable recovery after experiencing a decline in the number of international projects during the late 2019 and 2020 due to the pandemic.
Last year, the Turkish contracting sector successfully completed 433 international projects valued at USD28.1 billion, navigating through global economic issues and the war in Ukraine. This year, the sector has already embarked on 148 international projects, with the average project value increasing from USD64.9 million in 2023 to USD75.7 million in 2024. This increase in project value highlights the sector's growing significance and competitiveness on the global stage.
Since its inception in 1972, the Turkish contracting sector has executed a total of 12,277 projects across 137 countries. Russia has been the primary location for these projects, with a cumulative value of USD102.3 billion up to August 2024. Turkmenistan follows as the second most prominent location, with projects totaling USD53.3 billion. Other notable countries include Iraq, with USD34.9 billion in projects, Libya at USD31 billion, and Kazakhstan at USD29.5 billion.
The sector's project portfolio is diverse, with 13.9 percent allocated to highways, tunnels, and bridges, and 13.8 percent to housing projects. Power plants constitute 8.6 percent of the projects, trade centers 7.1 percent, and airport investments 6.6 percent. This distribution illustrates the broad scope of the Turkish contracting sector’s international engagements and its strategic focus on various infrastructure and development projects.
Last year, the Turkish contracting sector successfully completed 433 international projects valued at USD28.1 billion, navigating through global economic issues and the war in Ukraine. This year, the sector has already embarked on 148 international projects, with the average project value increasing from USD64.9 million in 2023 to USD75.7 million in 2024. This increase in project value highlights the sector's growing significance and competitiveness on the global stage.
Since its inception in 1972, the Turkish contracting sector has executed a total of 12,277 projects across 137 countries. Russia has been the primary location for these projects, with a cumulative value of USD102.3 billion up to August 2024. Turkmenistan follows as the second most prominent location, with projects totaling USD53.3 billion. Other notable countries include Iraq, with USD34.9 billion in projects, Libya at USD31 billion, and Kazakhstan at USD29.5 billion.
The sector's project portfolio is diverse, with 13.9 percent allocated to highways, tunnels, and bridges, and 13.8 percent to housing projects. Power plants constitute 8.6 percent of the projects, trade centers 7.1 percent, and airport investments 6.6 percent. This distribution illustrates the broad scope of the Turkish contracting sector’s international engagements and its strategic focus on various infrastructure and development projects.
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