SEOUL– South Korea said Monday it will expand financial support measures for local builders as their overseas orders are expected to fall short of last year’s records amid the protracted pandemic.
Korean construction firms clinched combined overseas orders worth US$24.3 billion between Jan. 1 and Dec. 10, down 21 percent from a yer earlier, according to the government.
Last year, local builders secured overseas orders worth $35.1 billion last year, but their combined orders for this year may be around $30 billion amid the COVID-19 pandemic.
They saw lackluster overseas orders from Asia, the Middle East and South America and reported falls in orders in sectors such as industrial facilities and civil engineering.
To support Korean builders’ overseas push, the government will permit the Export-Import Bank of Korea, a state-run policy lender, to expand foreign debt guarantee to local construction companies.
The government will also double up efforts to participate in Poland’s project to build nuclear reactors.
Poland aims to build six reactors in two locations by 2043, with the first reactor expected to begin operation in 2033.
Source: Yonhap News Agency