Han Seung-goo, chairperson of the Korea Construction Association Federation, said on the 7th, "Although it seems that time and effort are needed for the recovery of the construction industry, our construction workers will create a new growth momentum and establish a construction vision that meets the demands of the times, just as we have found opportunities in crises."
The Korea Construction Association Federation, consisting of the Korea Specialty Contractors Association and the Construction Association of Korea, held a New Year's meeting that afternoon at the Construction Hall in Nonhyeon-dong, Gangnam-gu, Seoul.
In his New Year's speech, Han noted, "Externally, uncertainties in the global economy are increasing due to Middle East instability and the prolonged Russia-Ukraine war, while the global economy remains in a recession. Domestically, the construction industry is also experiencing a very difficult period due to the triple challenge of high interest rates, high prices, high exchange rates, unstable raw material supply, and rising construction costs."
He also requested cooperation from the National Assembly and the government in easing regulations and expanding investments. Han stated, "I have no doubt that you will take the lead in enhancing corporate vitality through the expansion of construction investments, such as SOC budgets, and regulatory easing to support the recovery of the construction industry and domestic demand."
He added, "Since the cumulative order amount of South Korea's overseas construction is approaching $1 trillion since entering the overseas construction market in 1965, I will do my utmost to improve the image of the construction industry so that it becomes a field equipped with technology and competitiveness in line with the fourth industrial revolution, attracting outstanding young talents, and to ensure that it is a construction company trusted by the public."
Earlier, Jeong Won-joo, chairperson of the Korea Housing Construction Association, also noted in his New Year's speech on the 30th of last month that the government’s policy support for the housing construction industry is necessary. Jeong stated, "The housing industry not only has a significant impact on the ground-level economy and the overall national economy, but its influence on related industries and employment effects is superior to that of other industries. Therefore, policy support from the government is urgently needed for the normalization of the housing construction industry to serve as a bulwark for economic growth."
Jin Hyun-hwan, Vice Minister of Land, Infrastructure and Transport, who attended the New Year meeting that day, stated in his congratulatory speech that he would strive to support policies for the recovery of the construction industry. Jin mentioned, "To recover the construction industry, I will accelerate the expansion of housing supply and the development of new policies, and I will work to alleviate the industry's burden through the improvement of the construction material supply system and the realization of construction costs."
He continued, "While thoroughly managing the risks of project financing (PF), we will also implement the 40 trillion won liquidity support measures for market stability without fail," adding that "I will fully support the spread of smart construction technology and the development of overseas markets to secure new growth drivers for the construction industry."
Democratic Party lawmaker Maeng Seong-kyu, chairperson of the National Assembly's Committee on Land, Infrastructure and Transport, stated, "Currently, the construction industry is facing difficulties due to economic contraction, rising construction costs, labor shortages, and PF risks," and added, "As the chairperson of the Committee on Land, Infrastructure and Transport, if there are necessary institutional improvements or matters that need to be supplemented, I will actively work with construction workers to address them."
Meanwhile, more than 700 people attended the New Year's meeting that day, including Han, Vice Minister Jin, Chairperson Maeng, members of the National Assembly, heads of construction organizations, and representatives of construction companies.