South Korea Wins US$34 Billion of Overseas Plant Construction Deals in 2024, Highest in Nearly a Decade

South Korean engineering and construction companies closed 2024 with US$34 billion of new overseas contracts for industrial plant construction, the highest annual total in nearly a decade, the Ministry of Trade, Industry and Energy said. The figure is 12.7% above the US$30.2 billion recorded in 2023 and the largest since US$36.4 billion in 2015, returning South Korea to the ranks of the most active exporters of engineering, procurement and construction services. Yonhap News Agency reported the ministry's data on Jan. 7, 2025, citing the official tally of contracts signed by Korean companies abroad.

A near-decade high built in the Middle East

The ministry attributed the strong performance primarily to the Middle East, where Korean contractors won US$15.52 billion of plant work, or 46% of the annual total. The largest single award came in April 2024, when Samsung E&A Co. and GS Engineering & Construction Corp. jointly secured a US$7.3 billion contract to expand a gas plant in Saudi Arabia. In November, Samsung C&T Corp. signed a US$2.84 billion agreement to build a power plant in Qatar, scheduled for completion in 2029; once operational, the facility is expected to supply about 16% of the country's electricity and 17% of its desalinated water.

• Total overseas plant construction orders in 2024: US$34 billion, up 12.7% from US$30.2 billion in 2023.
• Previous comparable peak: US$36.4 billion, recorded in 2015.
• Middle East share: US$15.52 billion, or 46% of the annual total.
• Largest award: the US$7.3 billion gas plant expansion in Saudi Arabia, signed in April 2024.
• Qatar power plant: US$2.84 billion, with completion planned for 2029.

Diversification into Europe and Southeast Asia

Beyond its traditional Gulf stronghold, the ministry highlighted progress in European and Southeast Asian markets. In October 2024, Hyundai Engineering Co. signed a US$1.68 billion contract in Serbia to build a solar power facility, a landmark renewable-energy award for the country's order book. In December, Samsung E&A won a US$950 million project in Malaysia for a biorefinery that will produce sustainable aviation fuel and other biofuels.

Why plant orders matter beyond the construction site

The ministry stressed that industrial plant projects generate economic effects well beyond the build itself, pulling in equipment production, engineering, consulting and project financing. Trade Minister Cheong In-kyo said the government "plans to continue providing all necessary support to businesses to maintain the momentum" of overseas plant exports, signalling that official backing for bid preparation, financing and diplomatic follow-up will continue into 2025.

What the 2024 order book signals

Three features of the 2024 tally stand out for business-to-business markets. First, the recovery to a near-decade high shows that demand for large process-industry projects — gas processing, power generation and, increasingly, renewables and biofuels — remains the backbone of Korean engineering exports. Second, the 46% Middle East concentration keeps the sector exposed to the investment cycles of Gulf energy producers, which is precisely why the ministry frames the Serbian solar and Malaysian biorefinery awards as evidence of a broader, more balanced portfolio. Third, the mix of consortium and single-contractor awards, from the US$7.3 billion joint venture in Saudi Arabia to the US$950 million niche biorefinery, indicates that Korean contractors are competing across the full scale of the global plant market.

For suppliers of turbines, boilers, steel structures, control systems and engineering services, the 2024 order book is a forward indicator: contracts signed last year translate into procurement, fabrication and logistics workloads through the second half of the decade, with the Qatari power plant alone running to a 2029 completion date and the Malaysian biorefinery adding a new sustainable-fuel value chain to the region's industrial base.