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South Korea.. construction projects in Iraq and Saudi Arabia
Economical 07/04/2023
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Seoul: Agencies
The South Korean government is seeking to provide extensive support for major projects in order to achieve this year's target of overseas construction orders worth $35 billion.
The Korean Yonhap news agency reported that the statement was made, on Monday, by Korean Minister of Land, Infrastructure and Transportation Won Hee-ryong during a cabinet meeting.
According to the Korean Land Ministry, the value of overseas construction orders in the first half of this year amounted to $17.3 billion, up 44 percent over the same period last year ($12 billion).
This came thanks to Hyundai Engineering and Construction winning a $5 billion project to build a petrochemical plant in Jubail, Saudi Arabia. The ministry said it is focusing all efforts on implementing follow-up measures for the visit of a Korean team to Saudi Arabia and the joint commission between South Korea and Iraq. She added that it was agreed during the joint committee between South Korea and Iraq, which was held on June 21 in Seoul, to strengthen cooperation to resume the new Bismayah city project, which was suspended last year, indicating that the remaining construction volume for this project amounts to 6 billion dollars. The Ministry plans to support the rapid implementation of the new Bismayah city project in cooperation with the Ministry of Foreign Affairs and the Iraqi government. It also plans to cooperate in the follow-up project for the new Al-Faw port and sign a memorandum of understanding for cooperation in the field of transport.
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