Gov't to help local builders secure more overseas orders

SEOUL, Jan. 15 (Yonhap) -- South Korea's government said Friday that it will
intensify support for local builders to secure more overseas orders over the next
few years, aiming to become one of the world's top 10 construction powerhouses.

The Ministry of Land, Transport and Maritime Affairs said in a statement that it
will help builders secure a combined US$70 billion worth of overseas orders
annually by the end of 2012, up from $49.1 billion reported last year.
If that goal is achieved the amount would equal 5 percent of the total global
construction market, making the nation one of the world's top 10 construction
powers, the ministry added.
The targets were unveiled after key government policymakers gathered earlier in
the morning to discuss broad economic policy directions.
The ministry said that in order to realize its goals the government will
intensify support for local builders to obtain orders from overseas by tapping
diverse means including diplomatic channels. Summit talks with Middle Eastern and
African countries that are seen as having high business potential are to be held
during the first half of this year.
An infrastructure fund worth 2 trillion won (US$1.78 billion) will be formed by
2012 to support local companies. The government will also establish a
consultation committee comprised of key government bodies including the foreign
and finance ministries that will examine ways to provide support, the ministry
said.
The measures come as the nation's construction sector has been enjoying robust
business performance in foreign markets over the past few years.
Overseas orders obtained by local builders stood at a mere $3.7 billion in 2003
but jumped to $10.9 billion in 2005 before rising further to $39.8 billion in
2007 and $47.6 billion in 2008. Their combined market share was 2.9 percent at
the end of 2008, ranking the world's 13th largest, according to the ministry.
kokobj@yna.co.kr
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