Turkish construction firms search for new foreign markets after year of loss

Turkey's construction firms have clinched record-high deals abroad and obtained considerable know-how and experience in realizing top-tier projects. Thanks to such crucial projects, Turkish construction firms recently ranked second on the list of national companies undertaking construction projects abroad, just behind Chinese companies. 

However, a number of key problems within Turkey and in its key markets have reversed this rosy picture. 
The sector declared 2016 a "dark year," closing with $10.1 billion revenue in foreign projects. This figure was its lowest since 2004, according to data from a leading sector association. 

The sector, which has undertaken a total of 8,830 projects worth $335 billion abroad since 1972, reached its peak in 2013, making $30.1 billion from its foreign projects. 

The sector has started to lose its momentum abroad due to escalating security concerns in some of its key markets, such as Libya, and Turkey's crisis with its main market, Russia. 

Russia, Turkmenistan, Libya, Iraq and Kazakhstan had been the largest markets for Turkey, but they were replaced by Qatar, Uzbekistan, Bahrain, the United Arab Emirates and Kuwait in 2016, according to a recent report by the Turkish Contractors' Association (TMB). 

The oil plunge has also hit construction projects in some of Turkey's main markets, as they have had to postpone such projects until oil prices increase once more. 

Turkish companies have been engaged in strong efforts to diversify their construction markets and regain their original markets, but it does not seem to be easy for them to overcome their recent losses. 

Most importantly, they need a strong recovery in Turkey's international politics. Libya, Iraq and Russia had...