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Overseas construction deals exceed US$30 bln amid pandemic

All News 08:59 November 26, 2020

SEOUL, Nov. 26 (Yonhap) -- South Korea's overseas construction orders exceeded US$30 billion this year on major projects won in the Middle East and Latin America, the transport ministry said Thursday.

The value of overseas construction deals jumped 68 percent to $30.2 billion this year through Nov. 26 from $18 billion during the same period of last year, the Ministry of Land, Infrastructure and Transport said in a statement.

"The government and local builders formed a task force to win as many plant and infrastructure deals as possible in Asia, the Middle East and Latin America amid virus-caused uncertainties. Some major projects in Latin America helped drive up the overall contract value," the statement said.

The ministry called on construction firms to continue to explore new markets next year despite the COVID-19 pandemic," it said.

Local builders' overseas deals continued to rise for three years to $32.1 billion in 2018 from $28.2 billion in 2016 but fell to $22.3 billion in 2019.

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