March 18, 2014 13:15
Korean builders won overseas orders worth US$16.18 billion so far this year, a 67 percent increase from the first quarter of last year and the most since 2010.
The International Contractors Association of Korea on Tuesday said due to the brisk performance, cumulative overseas orders for this year will likely hit a new record of $72 billion.
Korean construction firms are forging partnership to gain a competitive edge overseas instead of resorting to cutting prices. On Feb. 20, six builders including Samsung Corporation, GS Engineering and Construction, and Daewoo International, either as an independent bidder or as a consortium, clinched $3.5 billion worth of deals from Algeria to build power generation plants.
Under the $4.2 billion project, Algeria is building six power plants with a capacity of up to 1,600 MW each across the country.
On Feb. 12, three major Korea builders including GS Engineering and Construction landed three contracts worth a combined $7.1 billion as part of a $12 billion Clean Fuels Project in Kuwait.
The association said the partnership among Korean builders will help them land more deals because it can improve overall quality by using each participant's strong points and prevent cutthroat competition.
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