Saudi Aramco’s Fadhili Gas Plant in Saudi Arabia, the future expansion project for which was won by GS E&C and Samsung E&A.
Seoul: South Korea’s cumulative overseas construction orders surpassed the $1 trillion milestone just before the turn of the new year, underscoring the country’s sustained growth and global appeal.
The achievement comes 59 years after Hyundai Engineering & Construction secured its first overseas order in November 1965, constructing the Taphani-Narathiwat highway in Thailand.
According to the Transport Ministry on Friday, the cumulative overseas construction order amount exceeded $1 trillion last month, from $996.5bn in November.
Transport Minister Park Sang-woo highlighted the $1 trillion achievement as a key accomplishment in his New Year’s address, stating it significantly contributed to national economic growth.
However, the government fell short of its annual target of $40bn in overseas construction orders, with total orders from January to November 2024 reaching $32.69bn, according to the Overseas Construction Association.
The country’s annual overseas construction orders peaked at $71.6bn during the boom year of 2010. Looking ahead, the government seeks to transition from contract-based overseas construction to a greater focus on high-value investment-development projects.
