Overseas construction orders in 2022 increased by 1.3% compared to 2021
The ‘Overseas Construction Order Support Group’ has been officially launched with the aim of securing $50 billion in overseas construction orders annually.
The Ministry of Land, Infrastructure and Transport held the launch ceremony of the order support group and the first meeting at the President Hotel in Jung-gu, Seoul on the 28th. The support group, led by Land, Infrastructure and Transport Minister Won Hee-ryong, includes government ministries such as the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, the Ministry of Strategy and Finance, and the Ministry of Foreign Affairs, public institutions such as the Korea Land and Housing Corporation (LH), related organizations such as the Foreign Construction Association, and private companies . .
The support team plans to mobilize all the capacities of the public and private sectors with the aim of obtaining the fourth largest share in the global construction market with an annual foreign construction order of ‘ $50 billion by 2027. When the support team chooses a major project, it is a method of forming ‘One Team Korea’ for each project, as the team was formed to win orders from Saudi Arabia last month.
Along with the construction, the support team decided to actively discover projects that can win package orders, including 5G communication, intelligent drone/robot logistics, and new and renewable energy.
As of the previous day, Korea’s foreign construction orders totaled 30.97 billion dollars (about 39.2 trillion won). This is an increase of 1.3% from the same period last year ($30.58 billion). However, from the level of $71.6 billion in 2010, $64.9 billion in 2012, and $66 billion in 2014, orders have recently stagnated due to the consequences of Corona 19.
Minister Won said, “Now we need to use a new order strategy,” and emphasized, “It should be a comprehensive advance of national power that combines not only construction, but also defense, plant, nuclear energy, digital, tourism and culture. .”
Reporter Sejun Park
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