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Overseas Orders for Industrial Plants Rise in Q1

According to the Ministry of Trade, Industry and Energy (MOTIE), overseas orders for Korea's industrial plants grew slightly in the first quarter on strong demand from Europe and Vietnam.

In the first three months of this year, overseas orders for the country's industrial plants amounted to USD 11.828 billion, up 0.7 percent from the same period last year. In particular, Korea’s performance in Europe has improved a whopping 26 times, thanks to contracts to construct large offshore plants.

Experts anticipate that expectations for world economic recovery and high oil prices will increase overseas orders for Korea’s industrial plants in the second quarter as well. Amid stabilizing conditions in the Middle East, Iraq plans to invest USD 275 billion in constructing various infrastructure facilities by 2017.

Source Text

Source: Yonhap News (Apr. 4, 2013)

** This article was translated from the Korean.

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