South Korea’s overseas construction orders exceeds $1 trillion milestone

Seoul: South Korea s cumulative overseas construction orders surpassed the $1 trillion milestone just before the turn of the new year, underscoring th...

Seoul: South Korea’s cumulative overseas construction orders surpassed the $1 trillion milestone just before the turn of the new year, underscoring the country’s sustained growth and global appeal.

The achievement comes 59 years after Hyundai Engineering & Construction secured its first overseas order in November 1965, constructing the Taphani-Narathiwat highway in Thailand.

According to the Transport Ministry on Friday, the cumulative overseas construction order amount exceeded $1 trillion last month, from $996.5bn in November.

Transport Minister Park Sang-woo highlighted the $1 trillion achievement as a key accomplishment in his New Year’s address, stating it significantly contributed to national economic growth.

However, the government fell short of its annual target of $40bn in overseas construction orders, with total orders from January to November 2024 reaching $32.69bn, according to the Overseas Construction Association.