SEOUL, Overseas construction orders clinched by South Korean builders exceeded US$30 billion for the fourth straight year in 2023 thanks to increased demand from the Middle East, data showed Monday.

Local builders secured a combined $33.3 billion worth of construction orders from overseas last year, up slightly from the previous year’s $30.9 billion, according to the data compiled by the land ministry and the International Contractors Association of Korea.

Last year’s rise in orders was attributed to increased demand of South Korean-led projects from the Middle East following President Yoon Suk Yeol’s summit diplomacy toward the region.

Of the total, the Middle East accounted for 34.4 percent, followed by the North American and the Pacific Ocean regions with 31 percent and Asia with 20.4 percent.

By nation, local builders won the largest orders, valued at $10 billion, from the United States, trailed by Saudi Arabia with $9.5 billion and Taiwan with $1.5 billion, according to the ministry.

Source: Yonha
p News Agency