February 18, 2014 09:49
Daewoo Engineering and Construction has become the second Korean company to surpass US$50 billion in cumulative overseas orders after Hyundai Engineering and Construction first did so eight years ago.
Daewoo achieved the feat some 38 years after it initially won an order to build roads in Quito, Ecuador in 1976. It has now won 423 orders in 47 countries.
"As we picked up an order for $1.14 billion to expand an oil refinery in Kuwait last Tuesday, total overseas orders have now reached $50.6 billion," the company said on Monday.
Hyundai's accumulated orders exceeded $50 billion in 2006, 41 years after the company started entering foreign markets in 1965.
The African market played an important role in Daewoo's achievement. It grabbed its first contract on the continent in Sudan in 1977, and 52 percent of its total orders, or $26.3 billion, have come from African countries. Asia and the Middle East accounted for 23 percent and 20 percent, respectively.
"Daewoo accounts for 31 percent of the total orders of $74.7 billion that Korean builders have won in Africa. We are really proud of our position as a pioneer in the African market," said a Daewoo spokesman.
By country, Libya accounted for the most orders with $11.4 billion, followed by Nigeria with $6.7 billion, Algeria with $4.2 billion and Morocco with 3.5 billion.
"We have made inroads into eight more countries [worldwide] including Iraq and Venezuela since 2000 to expand our presence overseas. We plan to win a record-high $72-billion worth of orders this year," added the spokesman.
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