Boston, MA -- (SBWIRE) -- 06/28/2012 -- BMI View: We continue to see an easing in the contraction of South Korea's construction activity in Q411 - an indication that construction activity is truly picking up in the country, despite a slowdown in economic growth. We are forecasting a return to positive growth for South Korea's construction sector, with real growth of 3.5% anticipated for 2012. This is an upward revision on an earlier forecast of 3.2%, primarily due to the material investments we have seen taking place in South Korea's infrastructure sector.
Key growth drivers
- In November 2011, the South Korean government announced plans to build a breakwater, power plant, observatory and a 200m tunnel on a disputed group of islets in the Sea of Japan. The facilities are to be built on the Liancourt Rocks, which have been a disputed territory between Japan and Korea since the end of the Second World War. Construction on the KRW400bn (US$345mn) project is scheduled to begin in 2013, with completion due for 2016.
- In January 2012, Korea Airports has announced that the US$284mn refurbishment of Jeju International Airport in South Korea will be completed by July 2012, reports airporttechnology. com. The project includes the expansion of the airport's runways and parking lots, the upgrade of its domestic departure terminal and the construction of a new international terminal. The expansion will increase the airport's annual handling capacity from 12mn to 23mn passengers, with the installation of a new electronic fingerprint scanning system to improve airport security.
- In March 2011, Japan-based companies Marubeni Corporation and Mitsubishi Heavy Industries (MHI) were jointly awarded contracts to provide equipment (turbines and generators) for three gas-based combined cycle power plants in South Korea. These power plants have a combined capacity of 3,800-megawatt and are to use MHI's top of the line J-Series gas turbine. All three contracts are to be carried out by Marubeni and MHI on a full turn-key basis, except for the Ulsan 4 project, which was awarded to South Korea-based construction company Daelim Industrial.
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