Tip:
Highlight text to annotate it
X
Overseas construction orders secured by Korea's construcion companies... are expected to reach
72 billion U.S. dollars this year. That would be an all-time high, and it comes
on the heels of a decision by local construction companies to go at it together and win projects
as a unit, rather than butting heads with one another trying to win bids.
Arirang's Hwang Ji-hye has the details. Business is booming for Korean construction contractors
in the foreign market. The nation's overseas construction orders
have picked up in the first quarter of this year,... taking the nation one step closer
to a record high in orders. The International Contractors Association
of Korea said Monday... that construction contracts overseas this year have already
topped 16 billion U.S. dollars. That's a nearly 70 percent spike compared
to the first quarter of 2013. The association attributes the jump to a decision
by local construction companies to build a consortium and win projects together.
Take Daewoo Engineering and Construction Corporation for example.
It linked up with four other local construction companies, including GS and SK,... and won
three large-scale projects in Kuwait.... worth more than 7 billion dollars.
Industry sources say... that bidding on projects along with other local construction companies
has become a trend... as a means to avoid cut-throat competition.
And with Korea's construction companies expected to win more and more contracts from countries
in the Middle East this year,... the association forecasts that the nation's overseas construction
orders will reach 72 billion dollars by the time the year is up.
That would surpass the previous record high of 71 billion dollars posted in 2010.
Local construction companies say... they plan to employ their team strategy in other foreign
markets as well, like Latin America and Africa. Hwang Ji-hye, Arirang News.