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SEOUL, April 1 Asia Pulse - Overseas industrial plant construction orders won by South Korean companies rose sharply in the first quarter, fueled by strong demand for offshore oil rigs and processing facilities, the government said Tuesday.
In the first three months of this year, orders won by local companies such as Hyundai Heavy Industries Co. (KSE:009540), Samsung Heavy Industries Co. (KSE:010140) and Doosan Heavy Industries and Construction (KSE:034020) rose 48 per cent year-on-year to US$11.1 billion, the Ministry of Knowledge Economy said.
The ministry said the tally marked the shortest time that plant exports surpassed the US$10 billion mark in a one-year period, and forecasted that the 2008 target of US$50 billion should be reached without difficulty. In 2007, when the country's industrial plant exports reached a record US$42.2 billion, it took five months to reach the US$10 billion mark.
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