The Korea Herald

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[Graphic News] S. Korea’s overseas construction orders rise 20%

By Nam Kyung-don

Published : Sept. 27, 2023 - 08:01

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Korean construction companies’ overseas orders increased 20 percent in the January to August period from a year earlier to exceed $20 billion, industry data showed.

Local builders obtained $21.9 billion in overseas orders between January and August, up from $18.3 billion over the same period last year, according to the International Contractors Association of Korea.

It marks the first time that the builders have received overseas projects worth over $20 billion in the first eight months of the year since 2018, when they scored $20.4 billion in overseas projects, the ICAK data showed.

The stellar performance was helped by Hyundai Engineering & Construction’s $5 billion deal in June with Saudi Arabia’s state oil firm, Aramco, to build a major petrochemical plant in the Middle Eastern country. (Yonhap)