On Sunday, data from the International Contractors Association of Korea (ICAK) revealed that South Korean construction companies’ international orders had increased by 20% in the first eight months of 2021 compared to the same period a year prior. This marks the first time since 2018 that the total value of overseas contracts has exceeded $20 billion.
This success is largely attributed to Hyundai Engineering & Construction Co.’s $5 billion deal with Saudi Arabia’s state oil firm Aramco to construct a petrochemical plant in the Middle Eastern country. Korean contractors have secured more than $30 billion in overseas orders every year since 2020 and are on track to reach that figure again this year.
This captured image from Hyundai Engineering & Construction Co.’s homepage shows a gas processing facility that it built in Saudi Arabia. (PHOTO NOT FOR SALE) (Yonhap)
kyongae.choi@yna.co.kr
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