In just 7 months, Turkish contractors have taken on $8.9 billion worth of work
According to Trade Ministry figures, Turkish construction companies undertook over $8.93 billion (roughly TL 242 billion) in projects abroad in the first seven months of this year.
Despite swings in demand in the industry due to the continuing Russia-Ukraine war, as Russia has typically maintained strong demand in recent years, the sector conducted around 120 projects overseas in January-July, according to statistics obtained by Anadolu Agency (AA) from the ministry.
The average value of projects completed this year was assessed to be $74.4 million.
According to the research, the overall value of projects done by the construction sector in foreign countries since 1972 has reached $482 billion. During the specified time period, the firms completed a total of 11,768 projects in 134 countries.
According to Trade Ministry data, amid political insecurity and the effects of the COVID-19 epidemic in target nations, the sector executed 371 projects totaling $16.2 billion in 2020.
In 2021, the overall value of projects conducted by Turkish enterprises overseas reached $30.7 billion, with 443 projects completed, parallel to the lessening of the pandemic’s detrimental influence on the world economy.
Despite global economic challenges and the ongoing war between Russia and Ukraine, the foreign contracting industry has completed contracts worth $19.1 billion in the last year, according to the statistics.
From 1972 until the present, Russia ranks first in the distribution of projects performed overseas by construction businesses by country, with a share of 20.3%. So far, projects totaling $97.9 billion have been completed.
Following Russia, Turkmenistan came in second with a 10.6% stake, while Iraq came in third with a 6.9% share with projects worth $33.2 billion.
These three countries were followed by Libya, with $30.2 billion in projects, and Kazakhstan, with $27.9 billion in projects.
The Saudi Arabian market, where the industry hopes to earn a greater position, shone out with a 5.2% share and a $25.1 billion project value.
During this time, projects totaling $19.9 billion were conducted in Qatar, while projects totaling $12.5 billion were performed in the United Arab Emirates (UAE).
To date, Turkish contractors have completed trade center projects worth $34.7 billion and airport projects worth $30.7 billion overseas.
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