Turkish contractors undertake $11.2 billion worth of projects abroad

ANKARA

The total value of projects implemented by the Turkish contracting sector abroad in eight months of this year has amounted to $11.2 billion.

According to Trade Ministry data, the Turkish contracting sector has continued its successful performance abroad despite risks such as the COVID-19 pandemic and the Russia-Ukraine war in recent years.

In 2019, the sector carried out 544 projects abroad worth $19.9 billion.

Due to the negative impact of the COVID pandemic on the global economy, the value of projects carried out by Turkish companies abroad decreased to $16.9 billion in 2020. In the same year, 386 projects were carried out.

The project amount reached $31.1 billion in 2021 as the impact of the pandemic waned, while the number of projects was recorded at 454. This was the highest project value on an annual basis after $31.7 billion in 2012 and $31.2 billion in 2013.

The value of projects undertaken by the foreign contracting sector in 2022 was recorded as $20 billion and the number of projects as 506.

The amount of projects implemented by the sector last year reached $28.1 billion, despite the global economic problems and the impact of the Russian-Ukrainian war. During this period 433 projects were implemented.

In the first eight months of this year, the Turkish construction sector carried out 148 projects abroad with a total value of $11.2 billion.

The development of the average project value of the works undertaken by the sector also attracted attention. While the sector reached an average project value of $83.8 million in 2015, this figure was realized at $68.5 million in 2021.

The average project value was calculated at $39.4 million in 2022 and $64.9 million last year. In the January-August period of this year, the average project value was approximately $75.7 million.

From 1972 to the end of August, 12,277 projects worth $515 billion were carried out by Turkish contractors in 137 countries.

In the distribution of projects carried out during this period by countries, Russia took first place with a share of 19.9 percent. To date, $102.3 billion worth of projects have been implemented in this country.

Russia was followed by Turkmenistan with a share of 10.4 percent, while the projects undertaken in this country amounted to $53.5 billion. Iraq ranked third with a 6.8 percent share and $34.9 billion in projects. These countries were followed by Libya with $31 billion in projects and Kazakhstan with $29.5 billion in projects.

Saudi Arabia stood out with a share of 5.6 percent and a value of $29 billion in projects undertaken by the sector. During the same period, projects worth $22.7 billion were carried out in Algeria, $20.3 billion in Qatar, $19.4 billion in Azerbaijan and $13.2 billion in the United Arab Emirates.

Highways, tunnels and bridges ranked first with 13.9 percent of Turkish contractors' projects abroad. This was followed by housing with 13.8 percent, power plants with 8.6 percent, trade centers with 7.1 percent and airport investments with 6.6 percent.