Turkish contractors assume foreign projects worth $395B

Total worth of projects undertaken by Turkish contractor firms abroad reached $395 billion as of the end of November, Turkey's trade minister has said.

The figure is expected to reach $400 billion as of the end of this year, Ruhsar Pekcan noted late Wednesday during an award ceremony in the capital Ankara for Turkish contractors operating in foreign countries.

The construction sector contributes to Turkey's GDP, employment, and goods and services exports, Pekcan stressed.

The Trade Ministry is ready to take all necessary steps for improving foreign projects, she added.

Referring to global economic and political problems, she said: "Despite all difficulties, our contractors assumed projects worth $21 billion in 2018."

She noted that the sector aims to close this year with $18-19 billion due to a $3-billion loss related to developments in the Middle East.

"I believe, with the contribution of the projects to be undertaken in the new markets, the sector will continue its success in the coming period and reach $20-25 billion again," Pekcan added.

Mithat Yenigun, the head of the Turkish Contractors' Association, said the contractor sector targets to increase its share in the global construction market from 4.6% to 7% level.

He also said that the sector aims to employ 100,000 Turkish people in projects abroad.

- Turkey to complete Canal Istanbul project

Fuat Oktay, the Turkish vice president, stressed that the construction sector has always been a significant locomotive for the economy.

The sector contributes to the development, growth, prosperity and life-quality, he underlined.

"I think this award organization is extremely important for our contractor companies, which rank among the top 250 in the world," Oktay expressed.

Last August, a U.S.-based magazine, Engineering News Record, announced that 44 Turkish firms were among the top 250 contractor companies in the world, while seven Turkish contractors ranked among the top 100 on the list.

Oktay also stressed Turkey will start to build its mega project Canal Istanbul and complete it like the other projects.

The 45-kilometer (nearly 28-mile) canal, planned to be built west of the city center on the European side of the Istanbul province, is to boost a capacity of 160 vessels a day.

The mega project, which aims to prevent risks posed by ships carrying dangerous goods through the Bosphorus Strait, has received approval from the Environment and Urbanization Ministry this week.