Minister Kim Yun-duk of the Ministry of Land, Infrastructure and Transport (MOLIT) on the 5th held an emergency meeting with eight associations in the construction sector in a conference room at Yongsan Station in Seoul to examine the impact on the construction industry from the prolonged Middle East war.
According to the Ministry of Land, Infrastructure and Transport (MOLIT), the meeting was attended by eight associations: ▲ Construction Association of Korea ▲ Korea Specialty contractors association ▲ Korea Mechanical Equipment Construction Association ▲ Korea Construction Equipment Association ▲ International Contractors Association of Korea ▲ Korea Housing Association ▲ Korea Housing Builders Association ▲ Korea Ready-mixed Concrete Industry Association.
The Ministry of Land, Infrastructure and Transport (MOLIT) said that instability in the raw materials market triggered by the recent Middle East situation is leading to supply risks for key construction materials such as ready-mixed concrete admixtures and asphalt, raising concerns about the impact on domestic construction sites.
It emphasized that disruptions in the supply of construction materials can lead to construction delays and increased construction costs, which could affect people's daily lives.
The Ministry of Land, Infrastructure and Transport (MOLIT) will immediately review the agenda items discussed at the meeting and reflect them in policy as quickly as possible.
The Ministry of Land, Infrastructure and Transport (MOLIT) plans to upgrade the "Middle East war corporations hardship support center" to a "construction site emergency economy TF (task force)" led by the First Vice Minister as Director General, to closely manage the supply of construction materials. It is quickly identifying the impact across the construction industry and seeking necessary support measures.
The Ministry of Land, Infrastructure and Transport (MOLIT) shared the construction industry's assessment with the financial authorities and the financial sector through meetings such as the real estate project financing (PF) status review meeting hosted by the Financial Services Commission on the 3rd. It is actively consulting with relevant ministries, including by requesting emergency financial support to prevent the crisis from spreading.
Minister Kim Yun-duk said, "It is time to closely manage every factor that could affect the construction industry overall—from material supplies to construction costs and finance—so that the anxiety felt by the public does not grow," adding, "We will ensure that people's daily lives do not falter even in a crisis."