South Korean construction companies have awarded more than $1 trillion in contracts abroad Korea Bizwire reported, citing a statement from the domestic Ministry of Transport.
The achievement comes nearly six decades after Hyundai Engineering & Construction won its first international contract for an expressway project in Thailand in November 1965.
In the period January to November 2024, South Korean companies signed foreign contracts worth $32.69 billion, according to the International Contractors Association of Korea.
This brought the total to $996.5 billion by the end of November.
Although December figures were still pending at the time of the report, the Department of Transportation confirmed that the cumulative value of contracts within the month had exceeded $1 trillion.
The ministry highlighted that nearly half of orders in 2024 came from Saudi Arabia, highlighting the country's significant role in the expansion of South Korea's construction sector.
Despite falling short of the annual target of $40 billion for 2024, the total value of contracts for the year was the highest since 2015, when overseas construction deals reached $46.1 billion.
South Korea's construction companies secured contracts from the Middle East worth nearly $10 billion through June 2024, representing significant growth compared to 2023, according to a Yonhap News Agency Report from last year.
According to the International Contractors Association of Korea, domestic construction companies secured $9.98 billion in Middle East contracts from January to May 2024, more than six times the $1.5 billion won in the same period of the year were reported in 2023.
Recent data released by the Korea Construction Association suggests that the country's construction industry is expected to see a wage increase of about 2% in the first half (H1) of 2025 compared to the first half of 2024.
“South Korea's construction contracts top $1 trillion worldwide” was originally created and published by World Construction Network, a brand owned by GlobalData.
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