The Korea Times
The volume of construction orders placed with Korean companies by Middle Eastern clients dropped sharply in the wake of the war in Iran, raising doubts about the government’s goal of securing $50 billion in overseas construction orders this year. Data from the International Contractors Association of Korea released Monday showed that construction orders from the Middle East totaled $29.97 million in March, down 88 percent from the previous month. The region’s share of total overseas orders also plunged to 3.7 percent from 56.1 percent during the same period. With rapidly declining orders from the main market for Korean companies, the overall volume of overseas construction orders in March fell 78.9 percent year-on-year to $810 million. “Korean construction firms have not received any orders from the Middle East this month,” an industry official said. Due to strong demand for plants, roads and power infrastructure, Korean construction firms have long focused on winning projects in the Middle East. Since the outbreak of the war, however, clients there have delayed placing orders for
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