By Kim Hyun-cheol
Staff Reporter
South Korean builders' performance outside the nation is expected to exceed original forecast targets for this year having won better-than-expected overseas orders, according to government data.
The overall amount reached $27.9 billion in the first quarter of the year, up 230 percent from the same period last year, the Ministry of Land, Transport and Maritime Affairs said.
It is equal to 47 percent of the government-set annual target of $60 billion, and 38 percent of the $74 billion goal by the International Construction Association of Korea.
If overseas bids continue along these lines, the country is expected to see another record high for a second straight year. Korean contractors posted $49.1 billion in total in overseas projects last year.
A huge deal in the United Arab Emirates (U.A.E.) on the construction of nuclear plants contributed to the surge. The $18.6-billion contract was counted in the January-to-March tally as it was clinched at the end of last year.
Including that bid, the Middle East took up the biggest portion of overseas construction bids. Amid the ongoing demand for plants in the region, Korean companies are hoping to get a second wind in business in the region.
Bids in the Middle East were tallied at $21.9 billion, accounting for 78 percent. Other Asian regions trailed with $5.5 billion, or 20 percent of all overseas deals, in a virtual three-fold growth from last year.
In the first quarter, a total of 174 builders won 105 contracts in 45 countries. Industrial facilities including plants reached $25.6 billion, accounting for 92 percent.
The outlook for the rest of the year is positive, as construction demands are expected to remain strong from the Middle East, Asia and African countries, the ministry said.
Currently, Korean builders are nearing completion of a total of $10 billion in bids in the Middle East and some more $2 billion contracts are on the go in India, Pakistan and Cambodia, according to the industry.
If Korea wins all the major bids it is eyeing, the year-end accumulation could even hit the $70-billion mark, it said.
Buoyed by the success in the U.A.E., the country looks to export more nuclear reactors to several Asian countries. Also, a local consortium is taking part in the $20-billion bid for a high-speed train project in Brazil.
1![[INTERVIEW] Ecolab helps Korean partners profit from ESG management](https://img.koreatimes.co.kr/upload/thumbnailV2/7a924189dbb7426ab12275ba98702309.jpg/dims/resize/178/optimize) | INTERVIEWEcolab helps Korean partners profit from ESG management |
![[INTERVIEW] 'Lifeline for migrant workers in Korea' - Rev. Kim fights for foreign employees' rights](https://img.koreatimes.co.kr/upload/thumbnailV2/8fb4b5d381da49df90276394550f2889.jpg/dims/resize/178/optimize)
![[ANALYSIS] Has N. Korean leader's daughter been confirmed as heir apparent?](https://img.koreatimes.co.kr/upload/thumbnailV2/e65868a1b5834cc3aef853378637d1fd.jpg/dims/resize/178/optimize)
![[INTERVIEW] Korea to work with US, Japan to fight climate change](https://img.koreatimes.co.kr/upload/thumbnailV2/800d9054a14b4a0f9cc576366cc1b914.jpg/dims/resize/178/optimize)
![[INTERVIEW] Hip-hop group Uptown returns after 13 years with new lineup](https://img.koreatimes.co.kr/upload/thumbnailV2/0eae35da5e9c40c38cf439e550a2eb3e.jpg/dims/resize/178/optimize)
