The Ministry of Land, Infrastructure and Transport said on the 3rd that, as concerns grow across industries due to the prolonged Middle East war, it will upgrade and operate the "Middle East war corporations difficulty relief support center" into the "construction site emergency economy task force (TF)." The TF Director General is the first vice minister of the Ministry of Land, Infrastructure and Transport (MOLIT).
The Ministry of Land, Infrastructure and Transport (MOLIT)'s measure is linked to the pan-government response system. The government held an emergency economic headquarters meeting that day to discuss checks on supply and prices of key items by ministry related to the Middle East war and response plans, and announced plans to improve regulations to ease supply chain bottlenecks for emergency economic response.
Through the TF, the Ministry of Land, Infrastructure and Transport (MOLIT) plans to closely manage the supply status of materials at construction sites such as buildings and roads, focusing on construction materials with high risks stemming from the Middle East war, and to establish a crisis response system in the construction sector in cooperation with related organizations. Construction materials currently affected in supply include admixtures for ready-mixed concrete, asphalt, plastic products (piping, windows and doors, insulation, etc.), paint, coatings, sealant (silicone), and adhesives (bond), which are materials produced using petrochemical products as raw materials.
The Ministry of Land, Infrastructure and Transport (MOLIT) will operate a standing report center at the Construction Association of Korea, the Korea Specialty contractors association, the Korea Housing Association, the Korea Housing Builders Association, and the Korea Institute of Registered Architects, and will receive reports such as urgent difficulties at construction sites. Through this, tasks requiring institutional improvements such as deregulation will be swiftly improved through consultations with relevant ministries, and the overall risks that material supply disruptions pose to the construction industry will be analyzed and addressed.
In addition, if market-disrupting acts such as hoarding and collusion are reported, strict measures will be taken through on-site inspections and other means. The government also plans to actively respond to fake news that fuels market anxiety with inaccurate information.
Minister Kim Yun-duk of the Ministry of Land, Infrastructure and Transport said, "Since disruptions in the supply of construction materials are directly linked to the national economy and the housing stability of the public, the government and the industry will work together so that we can overcome this crisis," adding, "While preemptively responding to all situations such as supply disruptions or sharp price hikes at construction sites, we will join forces with relevant ministries to swiftly implement necessary measures to resolve supply risks reported from construction sites nationwide."