City, Date — In the span of January to July this year, Turkish contractors have attained a remarkable feat by clinching a total of 120 overseas projects, amounting to an impressive value of $8.93 billion, as reported by the Ministry of Trade. This accomplishment underscores the commendable global reach and prowess of Turkish construction enterprises.
An analysis of the data reveals that the average value of contracts conferred upon Turkish contractors for international projects was $74.5 million, indicative of their capacity to execute substantial endeavors abroad.
Delving deeper into the historical context, from 1972 to July 2023, Turkish contractors have undertaken a remarkable tally of 11,768 projects spanning across 134 countries, collectively amassing an impressive value of $482 billion.
Highlighting significant milestones, the year 2005 marked the first instance where the $10 billion benchmark was surpassed. Further progression transpired in 2012, when the cumulative value of contracts secured by Turkish companies attained a pinnacle of $31.7 billion.
Even in the face of geopolitical challenges, Turkish contractors managed to prevail. Notably, during the prevailing conflict between Russia and Ukraine, these contractors managed to secure a commendable 492 projects, amounting to a notable $19.1 billion.
Over the past five years, Russia has emerged as a lucrative and profitable market for Turkish construction entities. Cumulatively, Turkish companies have undertaken ventures valued at nearly $98 billion in Russia since 1972, according to the ministry’s data.
Securing second and third positions in this global endeavor were Turkmenistan and Iraq, contributing significantly with $50.8 billion and $33.3 billion, respectively.
Furthermore, an analysis of regions reveals that Europe and the United States collectively accounted for 41.9% and $4.2 billion of the contractors’ portfolio.
Diverse sectors constitute the breadth of Turkish contractors’ accomplishments, with housing projects ranking prominently, generating the majority of revenue at $66.6 billion. Subsequently, highway and tunnel projects followed suit, contributing $65.4 billion. Over the expanse of their journey, energy projects contributed nearly $41 billion to their coffers, while airport projects added an additional $31 billion.
The remarkable trajectory of Turkish contractors’ global engagements exemplifies their steadfast dedication and proficiency in delivering remarkable projects across varied geographies, transcending borders and contributing to their homeland’s global reputation.
