US$66 Billion in Orders
The Ministry of Strategy and Finance reported that the order amount for overseas construction and plants reached US$66 billion last year. This is the second highest performance in history.
The order amount is the second-largest amount following the order amount in 2010 (US$71.6 billion), when the order of nuclear facility construction in the United Arab Emirates was received. The order amount in 2011 was US$59.1 billion, US$64.9 billion in 2012, and US$65.2 billion in 2013. It was due to obtaining the biggest amount ever in Africa, Europe and the middle and south American regions.
Consortia among Korean builders also contributed to the increase in obtaining orders. Orders through consortia accounted for 40 percent of the total US$26.6 billion last year. The figure almost doubled from 21 percent with US$13.5 billion in 2013.
Ssupport from policy finance institutes also contributed to achieving the performance. Last year, Korea Eximbank and the Korea Trade Insurance Corporation (K-Sure) supported funds worth 32.3 trillion won (US$28.9 billion). Financial institutions also provided a total of 12 trillion won (US$10.7 billion) worth of guarantees, a 21 percent increase from the previous year, for supporting small and middle-size companies.
The Korean government plans to support large project orders and push forward with the expansion of orders taken by small and middle-size companies and the vitalization of joint overseas expansion with private financial institutes this year as well.
An official from the Ministry of Strategy and Finance said, “From now on, we will actively collect opinions from the field, and closely cooperate with policy and private financial institutes as well as all kinds of associations and companies.”