The achievement is much contributed to construction companies securing last-minute contracts in December, pushing the total past $996.5 billion recorded through November 2024, despite challenging external conditions.
The International Contractors Association of Korea (ICAK) reported overseas construction orders of $32.69 billion for January through November 2024, with December figures yet to be announced. While falling short of the government's $40 billion yearly target, the annual figures represent the highest level since 2015.
"This achievement has significantly contributed to our national economic growth," Minister of Land, Infrastructure and Transport Park Sang-woo said in his New Year's address.
A major contributor to the milestone was the $6.08 billion Fadhili gas plant project in Saudi Arabia, awarded to Samsung E&A Co. and GS Engineering & Construction Corp. by state-owned Saudi Aramco in April 2024, marking the largest single contract secured by Korean firms in the kingdom.
The overseas construction sector has shown a steady recovery since 2019, when orders hit a low of $22.3 billion amid U.S.-China trade tensions and decreased Middle East procurement.
The ministry reported that public-private partnership (PPP) increased to over 10 percent of total overseas orders in 2024, up from a five-year average of 5.1 percent between 2018 and 2022.
However, industry experts anticipate challenges ahead due to global economic uncertainties and domestic political turbulence following the Dec. 3 martial law declaration by President Yoon Suk Yeol.
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