Turkish Contractors Association (TMB) Chairman Mithat Yenigün said since the day they opened abroad in Libya in 1972, Turkish contracting firms have carried out close to 10,000 projects worth about $370 billion in 120 countries.

A memorandum of understanding (MoU)was inked between the TMB and the Contraction Association of Korea (CAK) at the Hilton Istanbul, Maslak.

Speaking at the signing ceremony, TMB Chairman Yenigün said that their members had a structure that realized more than 70 percent of domestic commitments and over 90 percent of their foreign affairs.

Stressing that Turkish contracting firms have carried out close to 10,000 projects worth about $370 billion in 120 countries since they opened abroad in Libya in 1972, Yenigün said as of the end of August this year, their firm's undertaking of projects abroad worth $11 billion shows that their overseas contracting services have gained an upward momentum, adding that Turkish construction firms have been closely following the sub-Saharan Africa, India and South Asia regions as potential markets in the recent period.

"Turkish and South Korean contractors have jointly realized many projects both in Turkey and in third countries and have had a joint work experience. Today, our existing partnership will continue to gain momentum with the cooperation agreement signed between our associations today," he added.

South Korean Ambassador to Ankara Hong Ghi Choi recalled that last year they celebrated the 60th anniversary of diplomatic relations between South Korea and Turkey. "We have developed our cooperation in every area for 60 years, especially in the economy, politics, culture and defense industry. We have a deeper alliance in the construction and infrastructure sectors," he added.

CAK Chairman Joo Hyun Yoo, on the other hand, said that the TMB has contributed greatly to the development of the Turkish economy and the construction industry as a global player, which has completed 9,300 projects in 119 countries.

"Today, with the signing of this agreement by the two institutions, the construction sectors of Turkey and South Korea will establish collaborations in the global market by carrying out joint projects in third countries," Yoo said.