S. Korean gov't to provide support for overseas construction

SEJONG, Aug. 4 (Yonhap) -- The South Korean government announced plans to provide additional support to the country's builders in winning new overseas construction orders Monday amid a surge in overseas projects.

In the second half, the government will provide up to 1.2 billion won (US$1.16 million) specifically for the development of new overseas markets, according to the Ministry of Land, Infrastructure and Transport.

"The support program seeks to assist companies advancing to new overseas markets that usually come with high risks partly by helping fund their feasibility studies and providing part of other initial costs," the ministry said in a press release.

From 2003-2013, the government provided a total of 22.5 billion won under the support program, which led to the signing of contracts worth over $4.5 billion in total, it added.

In the first half alone, the ministry provided 3.5 billion won in 74 overseas projects.

A local industry group has said overseas construction orders secured by South Korean builders spiked 35 percent on-year to over $31 billion in the first five months of the year.

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