South Koreans build big Mid-East presence

South Korean groups are taking an increasingly large chunk of infrastructure projects in the Middle East as the country attempts to stamp its mark on the lucrative region.

Companies from the country last year won $36bn worth of infrastructure and construction projects – a quarter of all such contracts up for grabs in the region, according to the Middle East Economic Digest. This compares to only $2.3bn in 2003.

The deals are important to South Korea, because it is trying to showcase its companies’ ability to win foreign contracts through a willingness to work closely with local workers and to transfer knowledge – something that has never really been their forte in the past.