The Ministry of Land, Infrastructure and Transport said on the 14th it will communicate directly with regional construction firms together with local governments to minimize the impact of the Middle East war situation on Korea's construction industry and local livelihood economies.
The Ministry of Land, Infrastructure and Transport (MOLIT) will hold "Joint briefing sessions by central and local governments and the construction industry to respond to the Middle East situation" across the country from today through the 17th with regional local governments and the regional construction industry.
The Ministry of Land, Infrastructure and Transport (MOLIT) said the Middle East situation may not be limited to temporary disruptions at construction sites but could worsen management difficulties for domestic construction companies, so it will build a cooperative framework with local governments to listen directly to and resolve challenges facing regional construction firms.
The Ministry of Land, Infrastructure and Transport (MOLIT) plans to actively review the tasks identified through this relay roundtable with local governments and reflect them in policy.
The Ministry of Land, Infrastructure and Transport (MOLIT) has been operating an emergency economy task force for construction sites led by the Director General (first vice minister), closely managing the supply and demand of construction materials while identifying and swiftly resolving difficulties faced by construction companies. In particular, it has been working closely with relevant ministries, including fiscal and financial authorities, to actively support policies needed by the construction industry.
Kim Seok-gi, head of construction policy at the Ministry of Land, Infrastructure and Transport (MOLIT), said, "Regional construction companies play a large and important role in regional industrial production and the local livelihood economy," adding, "We will communicate closely with local governments to resolve immediate difficulties, overcome the crisis, and, in the longer term, consider measures to invigorate regional investment centered on new advanced transportation infrastructure."