[THE INVESTOR] South Korean construction companies’ overseas contracts is expected to fall to a nine-year low, industry data showed on Dec. 15.
According to the International Contractors’ Association of Korea data, local builders won 534 overseas contracts with a combined value of about US$24.1 billion so far this year.
The figure is 45 percent lower than US$44.1 billion recorded last year, and the lowest seen since 2007 when the value of overseas contracts came to US$39.8 billion.
The drop in overseas contracts is attributed to a fall in contracts from the Middle East, brought on by low oil prices.
By Choi He-suk (cheesuk@heraldcorp.com)