South Korean firms bag $34.1b plant projects in 2024

This is the highest since 2015.

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea has reported that Korean companies secured a total of $34.1b plant projects last year, up 12.7 percent from the previous year.

In a statement, MOTIE noted this is also the highest in nine years since 2015’s $36.5b.

Around 46% were Middle East projects, equivalent to $15.5b. This includes Samsung E&A and GS E&C's $7.3b Fadhili Gas Increment Program, the third biggest deal following the Barakah nuclear power plant project worth $19.1b and the Bismayah New City project worth $7.7b.

Also, a Korean consortium’s early-stage participation in Qatar’s $2.8b desalination and combined cycle power plant project led to Samsung C&T securing the EPC contract in November 2024.

Large-scale project wins in Eastern Europe and Southeast Asia last year also helped diversify Korea’s global plant market presence. Korean companies won $4.7b worth of projects in Eastern Europe, whilst Southeast Asian projects secured likewise soared 79.1% to $3.4b.