Construction Companies Look to Oversea Markets

Domestic construction companies, who have depended upon the vibrant Korean market, are now searching in the international market due to the current economic recession.
According to the construction sources on December 3, the domestic market has dried up and engineers are eager to strike out into virgin territory such as Japan and Taiwan.
Collusion being in the league each other has also been reduced making basic contract money rate down from more than 90% to 60-80%.
As of October, the amount of domestic construction reached only 30 billion dollars which is 41.6% less than that of last year.
Last month South Pohang post office accepted bids for the construction of new building, and more than 1,515 companies applied which is 4 times more than bids sent in before the economic crisis.
Since southeast Asian countries, which in the past provided a lot of business for Korean firms, are also experiencing an economic downturn companies must look to new markets including Japan. As of December 1, Japanese projects reached 65 million dollars, 166% up than 1997's.