[Sponsored Report] Builders steamroll ahead, ignoring global crisis

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[Sponsored Report] Builders steamroll ahead, ignoring global crisis

Last year local builders recorded the most orders from overseas ever received. According to the Ministry of Land, Transport and Maritime Affairs and the International Contractors Association of Korea, as of December 15, 2009, $47.8 billion in bids had been won.

Due to the world economic crisis, the goal for global orders was $40 billion, but as the economic recovered in the second half, large plant construction projects started lining up in the Middle East. Korean companies were acknowledged for their abilities and were supported all the way by the government.

The $30 billion oil and gas project in Abu Dhabi brought $14.9 billion to Korean companies. Korea won $9.6 billion in orders within the Ruwais Refinery Expansion Project Package (worth a total of $10 billion). Meanwhile, the increase in overseas orders brought a rise in the use of local raw materials and an increase in the foreign exchange earning rate, with small and medium size companies also showing growth in the Middle East region.

Celebrating two years of over $40 billion in orders from overseas construction, the Land Ministry is planning to help firms develop new markets such as Africa and diversify into structuring, engineering and investment. By forming a global infrastructure fund, the ministry will support construction and R&D for desalination and liquefaction plants.

Lee Ji-hyun [concordia@joongang.co.kr]

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