S. Korean construction companies make global gains
Contractors and manufacturers celebrate stellar 2010
South Korean contractors and manufacturers enjoyed a successful 2010, according to two recently published reports.
Progress in the Middle East by contracting companies such as Hyundai Heavy Industries and Samsung helped the country take a market share of 4.8% in 2010, reports Engineering News Record (ENR) magazine's Top International Contractors list.
The country is now the seventh biggest contractor in the world. It overtakes regional rival Japan in the list headed by China with 14.9% and the US with 11.7%.
The Korea Federation of Construction Contractors (KFCC) said the Middle East, where the country is now responsible for 15.4% of the construction projects, was "attributable" for the its success in 2010. According to ENR, the US remains the leading contractor in the Middle East with 16.2%.
An official at the KFCC told local news agency Yonhap added that South Korea look to replicate its success in Asian and African countries as they are increasingly becoming important in terms of development and resources.
"South Korean builders should tap into these regions to diversify their markets," said the official.
2010 was also a landmark year for the country's machinery manufacuters. According to the International Construction's (IC) Yellow Table report of global machinery sales, South Korean machine makers now account for 5.3% of the market and are closing in on Germany for the position of fifth largest supplier in the world.
Last year also saw Doosan enter the top ten list of construction equipment companies for the first time.
"The Korean company's rise is due in part to its strong position in the Chinese excavator market, as well as improvements elsewhere in the business, which includes Bobcat," said the IC report.