Won Hee-ryong "Overseas Orders of $50 Billion Annually, Aim to Become One of the World's Top 4 Construction Powers"

President Yoon Suk-yeol is speaking at the 11th Emergency Economic and Livelihood Meeting held at the Yongsan Presidential Office Building in Seoul on the afternoon of the 27th.

The government has announced its goal to achieve $50 billion in annual overseas construction orders and to enter the ranks of the world's top four construction powers.

On the 27th, Won Hee-ryong, Minister of Land, Infrastructure and Transport, stated at the Emergency Economic and Livelihood Meeting chaired by President Yoon Seok-yeol, "Recently, international oil prices have risen significantly, causing money to flow into oil resource countries, and construction demand is rapidly increasing. We will take this opportunity to actively expand into overseas construction."

The Ministry of Land, Infrastructure and Transport plans to spark a second Middle East boom in Saudi Arabia, where large-scale projects such as NEOM City are scheduled. NEOM City is a mega project to build a smart city 44 times the size of Seoul, with a total project cost of $500 billion (approximately 710 trillion won), making the global bidding competition fierce.

Minister Won will lead a support team to secure major projects in Saudi Arabia and will visit Saudi Arabia for a 6-day, 4-night schedule starting from the 4th of next month. The team includes 50 officials from public institutions and construction companies.

Minister Won said, "If we present a package combining fields that the world envies Korea for, such as nuclear power, defense, and IT, our competitiveness in securing orders will increase. It is time for various industries to unite as one team and launch an all-out effort."

This content was produced with the assistance of AI translation services.