An analysis of trends and policy studies in the overseas construction market for effective international development cooperation and the creation of job opportunities for the youth*

As the Official Development Assistance (ODA) budget is increasing and programs are developing, expectations for decent work for the youth are also rising. However, many young people have temporary jobs and internships. This study examines the collaborative strategy between international development cooperation and overseas construction markets, which are known for their significant employment impact. This strategy aims to create decent work opportunities for the youth and to enhance the effectiveness of international development cooperation. In this regard, this study conducts a matrix analysis of 1,572 overseas projects won by Korean companies from 2014 to 2021 to understand the current status and identify growth potential based on the year, project type, and country. Moreover, this study conducts interviews with experts to determine policy implications for connecting the overseas construction market with job opportunities for the youth. The analysis results suggest that projects in the Middle East, Africa, Central and South America, and those falling under construction, industrial facilities, electricity, and related categories appear to be promising. This study also suggests the need for attention and support for overseas construction projects utilizing funds from institutions such as the Asian Development Bank, World Bank, and development agencies as well as South Korea's ODA projects supported by the government. To create better job opportunities for young people in the overseas construction market, the interviewed experts suggest the need for a paradigm shift towards green energy within the context of environmental, social, and governance (ESG) management. Understanding digital transformation after the COVID-19 pandemic and having knowledge about partner countries, including their construction environments, legal and institutional systems, culture, religion, and risk management capabilities, are considered essential steps towards providing decent jobs for the youth.