South Korea reaches USD1T in overseas construction orders
(MENAFN) South Korea’s total overseas construction orders have surpassed the USD1 trillion mark just before the start of the new year, highlighting the nation's continued growth and international competitiveness.
This milestone comes 59 years after Hyundai Engineering & Construction secured its first foreign contract in November 1965, building the Taphani-Narathiwat highway in Thailand.
The Transport Ministry announced on Friday that the total value of overseas construction orders exceeded USD1 trillion last month, rising from USD996.5 billion in November.
In his New Year’s speech, Transport Minister Park Sang-woo emphasized the significance of this achievement, noting its substantial contribution to South Korea’s economic development.
Despite the milestone, the government fell short of its USD40 billion annual target for overseas construction orders, with total contracts from January to November 2024 amounting to USD32.69 billion, according to the Overseas Construction Association.
The country’s overseas construction orders peaked at USD71.6 billion in 2010. Looking forward, the government aims to shift its focus from contract-based overseas construction to more high-value investment and development projects.
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