Domestic construction companies have shown a consecutive two-year increase in the amount of construction projects secured overseas, riding an upward trend.
According to the International Contractors Association of Korea (ICAK) on Jan. 22, the total value of construction projects secured by domestic construction companies abroad was recorded at US$33.3 billion (44.62 trillion won) last year. This marks a consecutive two-year increase following the trend observed in 2022. While this figure is only half of the record-high US$71.6 billion achieved in 2010, it still surpasses the US$30 billion mark for the fourth consecutive year.
By region, contracts in the Middle East, primarily centered around Saudi Arabia, led with the highest amount at US$11.4 billion, followed by those in the Pacific and North American regions at US$10.3 billion. Additionally, contracts worth US$6.8 billion were secured in Asia, while Europe, Central and South America, and Africa each saw contracts of US$2.1 billion, US$1.5 billion, and US$1.2 billion, respectively.
By country, the top three in terms of contract amounts are the United States, Saudi Arabia, and Taiwan. The United States had the highest contract value at US$9.25 billion, followed by Saudi Arabia with US$6.48 billion and Taiwan with US$1.49 billion.
Samsung C&T secured a contract worth US$4.7 billion for Samsung Electronics’ semiconductor factory in Texas in the U.S. Meanwhile, Hyundai Engineering secured contracts totaling approximately US$3.7 billion, covering three projects: the L-JV project and S-JV project for the battery joint venture plant in Georgia in the U.S. and the construction of a new Hyundai Motor plant in the United States.
In a single contract, Hyundai Engineering & Construction secured the largest-scale project at US$5.08 billion, encompassing Packages 1 and 4 of the Saudi Aramco Amiral petrochemical plant. This amount represents the largest contract ever awarded to a domestic company for a project in Saudi Arabia.
The government and construction industry anticipate that this year’s overseas contract volume will surpass US$35 billion. With the global construction market expected to grow by approximately 6%, they have raised the procurement target compared to last year.