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Korean firms win $33.7 billion in overseas construction orders in H1 Updated: 2014-07-15 06:43:56 KST

Korean firms win $33.7 billion in overseas construction orders in H1

Most of the orders have come from the Middle East, Africa and the Americas.
Korea's Ministry of Trade, Industry and Energy says more than 50 percent of all orders were from Middle Eastern countries including Kuwait and Iraq.
African nations including Algeria also bumped up their orders compared to the first half of last year.
But Asian and European countries reduced their orders, having fewer projects and plans to build industrial facilities.
The total number of orders is worth 33.7 billion U.S. dollars -- nearly half of government's target of 70 billion for 2014.
Experts say Korean firms' opting to form consortiums instead of competing against each other was key to their winning bids in overseas markets.
With the global economy expected to improve and emerging countries continuing to expand their industrial infrastructure, officials say the outlook for Korean construction companies in the latter half of the year does not look too grim.
But with the lingering political uncertainties in the Middle East, insiders warn that it may not be too long before the orders stop coming in.
They also point to a decrease in orders for offshore oil plants as Korea's three biggest shipbuilders struggle to ward off competition from China.
The shale gas boom in North America is another factor and observers say if the slump continues, Korean shipbuilders should quickly shift their focus to merchant vessels like tankers and LPG carriers, as more orders are expected to come out from Europe.
Laah Hyun-kyung, Arirang News.
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