Turkish contractors undertook projects worth $6.5 bln in first half of 2021

ISTANBUL

The total worth of projects undertaken by Turkish contractors abroad hit $6.5 billion in the first half of 2021, according to a report released by the Turkish Contractors Association (TMB) on July 12.

Citing the Trade Ministry’s data, the report said that Turkish construction firms undertook 100 projects in 33 countries by the end of June this year.

The total worth of projects undertaken by Turkish contractors abroad since 1972 has reached $428 billion, it said.

TMB members aim to rack up $20 billion in projects abroad annually in the upcoming years. In the medium term, their target for foreign earnings in a year is $50 billion.

The report said that keeping cash flow and access to financial resources uninterrupted was vital for those goals.

Zambia was the largest market for local contractors in the first half of 2021 at $1.3 billion worth of deals, followed by Slovenia at $748 million.

Kazakhstan and Azerbaijan ranked third and fourth-largest markets at $674 million and $543 million, respectively.

According to TMB, Turkish contractors undertook $405 million worth of projects in Russia.

Unforeseen cost increases in commodity prices, particularly in steel and cement prices, have created an extra burden on the sector, the report added.