Construction Industry "Welcoming Yoon Seok-yeol's Election... Expecting Regulatory Reform and Expanded SOC Investment"

The construction industry welcomed the election of Yoon Seok-yeol, the People Power Party candidate, as the 20th president and on the 10th called for regulatory reform and increased investment.

The Korea Federation of Construction Associations issued a "Welcome Statement from the Construction Industry on the Election of the 20th President" on the same day, stating, "President-elect Yoon Seok-yeol has emphasized a policy direction different from past administrations by mentioning regulatory reform for businesses."

The federation said, "President-elect Yoon has presented a policy vision to revitalize corporate investment through private-sector-led job creation driven by corporate growth and regulatory innovation via a dedicated regulatory reform organization. We expect this stance to lead to bold regulatory reforms to create a favorable environment for the construction industry."

It added, "We firmly believe that outdated laws and systems that do not fit the changing industrial structure, labor unions at construction sites that engage only in hiring abuses, and various regulations that only produce punishments will be comprehensively reviewed by the next government."

The federation stated, "Policies to expand SOC investment for strengthening national competitiveness and balanced development between local areas and the metropolitan area, as well as regulatory easing policies to ensure sufficient housing supply in urban areas, are expected to stabilize the housing market, improve the living standards of the people, and create a happy Korea for all citizens," it said.

It also declared, "Our construction industry will focus on management activities with confidence in the future, striving not only to create jobs but also to make the construction industry a key player in Korea's growth and contribute to the success of the Yoon Seok-yeol administration."

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