Contractors awarded projects worth $9 bln abroad

ANKARA

Turkish contractors have been awarded 120 projects worth a total of $8.93 billion abroad between January and July this year, data from the Trade Ministry have shown.

The average size of the contracts awarded to Turkish contractors in foreign countries was $74.5 million.

Between 1972 and July 2023, Turkish contractors have undertaken a total of 11,768 projects in 134 countries, with a total worth of $482 billion.

The $10 billion mark was surpassed in 2005 for the first time, and in 2012, the value of contracts Turkish companies were awarded reached an all-time high of $31.7 billion.

Despite the adverse effects of the war between Russia and Ukraine, local contractors managed to secure 492 projects worth $19.1 billion.

Over the past five decades, Russia has been the most lucrative market for Turkish construction firms. Data from the ministry showed that, since 1972, Turkish companies assumed nearly $98 billion worth of projects in this country.

Turkmenistan and Iraq ranked second and third at $50.8 billion and $33.3 billion, respectively.

The shares of Europe and the U.S. were 41.9 percent and $4.2 billion.

Turkish contractors generated most of their revenues - $66.6 billion - from housing projects, followed by highway/tunnels at $65.4 billion. They raked in nearly $41 billion from energy projects since 1972, while airport projects generated another $31 billion in revenues.