Minister Kim Yun-duk of the Ministry of Land, Infrastructure and Transport on the 8th urged support from the financial sector, saying that "the construction industry risks triggered by the situation in the Middle East are unlikely to end temporarily."
The Minister said this at a joint meeting of the construction and financial sectors on the Middle East war crisis held in Jung-gu, Seoul, saying, "From securing materials to the burden of construction costs, we have soberly confirmed that the uncertainties felt by the industry are growing."
The Minister said, "I feel that the financial problems the construction industry is facing are not easy," adding, "The government is responding to ensure there are no disruptions in the supply of essential materials such as admixtures for ready-mixed concrete and asphalt concrete, but market anxiety is being reflected in prices and volumes, raising concerns about the ripple effects across the construction industry."
As supply instability spreads for admixtures for ready-mixed concrete related to naphtha supply, various plastic products and finishing materials, and asphalt produced in the refining process, there are concerns about disruptions to construction progress at worksites.
The Minister said, "For the construction industry to ride out this wave, financial backing is essential," adding, "I earnestly ask the financial sector to be a reliable pillar so the industry can overcome and respond to the difficulties on the ground."