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Korean builders surpass $1 trillion in overseas construction deals

Published: 03 Jan. 2025, 09:54 Updated: 03 Jan. 2025, 20:01

The Fadhili gas plant in Saudi Arabia [YONHAP]

Korean builders have achieved more than $1 trillion in accumulated overseas construction deals, the Ministry of Land, Infrastructure and Transport said Friday.

The achievement comes 59 years after Hyundai Engineering & Construction obtained its first overseas deal to build an expressway in Thailand in November 1965.

Local builders secured $32.69 billion worth of overseas orders in the January-November period, the International Contractors Association of Korea said earlier, bringing the accumulated total to $996.5 billion as of the end of November.

The figure for December has yet to be released, but the Transport Ministry said the country's cumulative overseas orders breached the $1 trillion mark during the month.

Nearly half of the orders in 2024 were from Saudi Arabia, according to the ministry.

The country has failed to meet its annual target of $40 billion in 2024, but its annual total reached the highest since 2015, when its overseas construction deals amounted to $46.1 billion, the ministry noted.

Yonhap