Last Updated on January 8, 2024 by Aydoğan Aknar
Turkish Contractors Shine Globally: A $501.9 Billion Milestone
Turkish contractors have made an indelible mark on the global construction landscape, undertaking projects worth an astonishing $501.9 billion since 1972. After a challenging 2022, the year 2023 saw a remarkable resurgence, culminating in contracts totaling $27.392 billion in December alone. Let us delve into how Turkish contractors shine globally.
Recovery from a Challenging 2022
In the wake of a lackluster 2022, Turkish contractors rebounded emphatically in 2023. The data, released by the Türkiye Müteahhitler Birliği on January 3, revealed a substantial increase in international projects, approaching the $30 billion mark.
Detailed Breakdown of 2023 Contracts
A closer look at the contracts secured in December 2023 reveals substantial contributions from key countries like Russia, Turkmenistan, Saudi Arabia, and Azerbaijan. These contracts not only elevated the monthly total but also propelled the annual figure to an impressive $27.3 billion.
Insights from Economic Newspaper Reports
Mehmet Kaya’s report in Ekonomi Gazetesi provides additional insights into the dynamics behind the surge in contracts. Notably, high-value projects from Russia, Turkmenistan, Saudi Arabia, and Azerbaijan played a pivotal role.
Role of Russia and Gulf Countries
President Erdal Eren, head of the Turkish Contractors Association (Türkiye Müteahhitler Birliği), acknowledged the importance of maintaining strong ties with Russia. Moreover, in light of the sector’s loss in Ukraine, Turkish contractors strategically redirected their focus towards Gulf countries.
Strategic Approach to Saudi Arabia
Singling out Saudi Arabia as a key market, Turkish contractors initiated a targeted approach. The Turkish Ministry of Commerce spearheaded a mission, resulting in fruitful meetings with top officials from Saudi employers. Erdal Eren affirms that these endeavors have materialized into concrete outcomes in new projects.
Achievements and Reflections
The strategic initiatives in Saudi Arabia have not only broadened the horizons for Turkish contractors but have also left tangible impacts on new projects. The $501.9 billion milestone is a testament to their tenacity and strategic vision.
Turkish Contractors Association’s Role
The Turkish Contractors Association played a pivotal role in disseminating official data and statements, ensuring transparency and credibility in the industry.
In conclusion, the impressive journey of Turkish contractors from 1972 to 2023 reflects not only their resilience but also their adaptability to changing global dynamics. The $501.9 billion milestone is symbolic of their global impact and competence.
- How many contracts did Turkish contractors undertake in December 2023?
- In December 2023, Turkish contractors secured 166 contracts.
- Which countries contributed significantly to the $27.3 billion in December 2023?
- Russia, Turkmenistan, Saudi Arabia, and Azerbaijan were key contributors to the substantial contracts in December.
- What was the total value of contracts undertaken by Turkish contractors in 2023?
- Turkish contractors closed in 2023, with contracts amounting to $27.392 billion.
- How many countries have Turkish contractors worked in since 1972?
- Turkish contractors have worked in 135 countries from 1972 to 2023.
- What is the significance of surpassing the $500 billion milestone?
- Surpassing the $500 billion milestone signifies the global impact and competence of Turkish contractors.