Incheon Waterworks Headquarters Issues Construction Orders Worth 284.9 Billion KRW... Responding to Construction Market Downturn

900 Billion KRW (54%) Increase Compared to Last Year

[Asia Economy Reporter Park Hyesook] The Incheon Metropolitan City Waterworks Headquarters will issue construction contracts worth 284.9 billion KRW (184 projects) this year to revitalize the local construction market, which has been stagnant due to the COVID-19 pandemic. This represents an increase of 90 billion KRW (54%) compared to last year.

According to the order plan by project (sector), comprehensive construction accounts for 201.7 billion KRW (6 projects), specialized construction (water and sewage facilities) 80.1 billion KRW (157 projects), and others (electricity, telecommunications, etc.) 3.1 billion KRW (21 projects).

The Waterworks Headquarters plans to implement measures to eradicate long-standing practices and unfair subcontracting in construction companies, including ▲activation of joint contracts with main contractors ▲direct payment of subcontracting fees ▲protection of construction workers' rights ▲expansion of priority participation opportunities for local construction materials, manpower, and equipment.

Park Young-gil, head of the Waterworks Headquarters, stated, "Due to the contraction of consumer sentiment and management difficulties of companies caused by COVID-19, serious impacts are expected on the local construction market. We will actively establish a cooperative system including regular meetings with public and private sectors, win-win agreements with new contract (management) companies, and sales administration, and actively work to improve the order rate of local construction companies."

This content was produced with the assistance of AI translation services.