Turkish construction firms undertook around $8.93 billion (around TL 242 billion) worth of projects abroad in the first seven months of this year according to Trade Ministry data.
Despite the shifts in demand in the sector because of the ongoing Russia-Ukraine war, as Russia traditionally kept the strong demand over the past years, the sector undertook some 120 projects abroad in January-July, the data compiled by Anadolu Agency (AA) from the ministry indicates.
Regarding the projects conducted this year, the average value of projects was calculated as $74.4 million.
According to the report obtained, the total value of the construction sector‘s projects undertaken abroad since 1972 has reached $482 billion. The companies have realized a total of 11,768 projects in 134 countries in the stated period, it was noted.
Based on data from the Trade Ministry, despite the political instability and the impacts of the COVID-19 pandemic in target countries, the sector undertook 371 projects worth $16.2 billion in 2020.
In 2021, parallel to the reduction of the negative impact of the pandemic on the global economy, the total value of projects undertaken by Turkish companies abroad reached $30.7 billion, when the number of projects realized was recorded at 443.
Despite facing global economic issues in the shadow of the ongoing conflict between Russia and Ukraine, the overseas contracting sector has undertaken projects worth $19.1 billion in the past year, the data highlighted.
In the distribution of projects undertaken abroad by construction firms according to countries from 1972 to the present year, Russia ranked first with a share of 20.3%. Up to now, projects worth $97.9 billion dollars have been realized.
Following Russia, Turkmenistan stood second with a share of 10.6%, while Iraq ranked third with a share of 6.9% and projects equating to some $33.2 billion.
These three countries were followed by Libya with projects worth $30.2 billion and Kazakhstan which drew projects amounting to $27.9 billion.
The Saudi Arabian market, where the sector seeks to gain a larger share, stood out with a share of 5.2% and a project value of $25.1 billion.
In Qatar, projects worth $19.9 billion were undertaken during this period, while projects worth $12.5 billion were conducted in the United Arab Emirates (UAE).
Turkish contractors have realized trade center projects worth $34.7 billion and airport projects worth $30.7 billion abroad up to the present time.
Follow our English language YouTube videos @ REAL TURKEY: https://www.youtube.com/channel/UCKpFJB4GFiNkhmpVZQ_d9Rg
And content at Twitter: @AtillaEng
Facebook: https://www.facebook.com/realturkeychannel