Overseas orders for industrial plants won by Korean builders rose to a new all-time high last year on growing demands from developing countries in the Middle East and South America, the government said Wednesday.
Local companies clinched $64.98 billion worth of overseas orders in 2011, up from the previous record of $64.48 billion secured a year earlier, according to the Ministry of Knowledge Economy.
The 2011 figure marks a positive growth for eight consecutive years since 2003. The ministry said the amount will likely top $70 billion this year.
“Overseas orders are expected to grow 7.7 percent from 2011 to $70 billion this year amid a construction boom in the Middle East sparked by Libya’s reconstruction project and the 2022 Qatar FIFA World Cup,” it said in a press release.
An earlier report by the Ministry of Land, Transport and Maritime Affairs said the country’s overseas orders for industrial plants came to $43.2 billion in 2011 with its total overseas construction orders amounting to $59.1 billion.
An official from the Ministry of Knowledge Economy said the $15 billion difference was caused by the land ministry’s omission of offshore plants and drill ships, as well as other unconventional industrial plants, such as desalination plants.
Overseas orders for offshore plants surged 98.6 percent from a year earlier to $17.6 billion in 2011 with those for industrial foundations jumping 562.4 percent on-year to $9.92 billion.
By nation, Saudi Arabia placed the largest sum of $14.84 billion in construction orders for South Korean builders, followed by Brazil with $4.61 billion and Iraq with $3.66 billion.
“Financing projects will again be a major hurdle in 2012 due to worsening global economic conditions and the enlargement of overseas projects,” the ministry said. “Still, the global market for plants will continue to expand on increasing demand from Middle Eastern and developing countries.” (Yonhap News)