Geonhyeop, "Smart Infrastructure and Big Projects Should Be Included in the Korean New Deal"
[Asia Economy Reporter Yoo In-ho] The Korea Construction Association has proposed to the government and the National Assembly that the Korean-style New Deal project, which the government is promoting to recover from the economic recession caused by the COVID-19 pandemic, should include ‘Activation of Smart Infrastructure and Big Projects.’
On the 6th, the Construction Association delivered a proposal containing this content to the National Assembly, the Office for Government Policy Coordination, the Ministry of Economy and Finance, and the Ministry of Land, Infrastructure and Transport.
In the proposal, the association argued that the activation of smart infrastructure combined with digital IT is necessary to develop new infrastructure construction plans tailored to the regions and characteristics of the metropolitan area and major cities nationwide, create jobs, secure startup spaces, and establish ‘Innovation Growth HUBs’ such as business districts.
It also suggested that large-scale national projects should be promptly promoted and that projects not selected for national balanced development among local government applications should be quickly re-initiated.
Furthermore, it proposed effective implementation plans for the Korean-style New Deal project, including early execution of the national balanced development project (24 trillion won) currently promoted by the government and the promotion of converting projects to private investment projects.
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An official from the association said, “The construction industry, which accounts for 15% of the national GDP and 30% of local GRDP as of 2019, should play a leading role in this Korean-style New Deal project,” adding, “It is expected to make a significant contribution to economic recovery through construction investment by increasing real GDP, total industrial production, and annual employment.”
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