Ministry of Land, Infrastructure and Transport to Hold 'PM Global Competitiveness Enhancement Forum' on the 10th

[Asia Economy Reporter Kim Min-young] The Ministry of Land, Infrastructure and Transport announced on the 8th that it will hold the 'PM Global Competitiveness Enhancement Forum' to exchange opinions among related industries and institutions to explore ways to foster the Construction Project Management (PM) industry and advance into overseas PM markets. PM stands for Project Management and refers to the comprehensive management of construction projects to effectively promote them by supporting and acting on behalf of the client.

The forum, held on the 10th at the Seoul Construction Hall, was organized to share the government's policy directions planned to revitalize PM and to listen to opinions from related industries and institutions to reflect them in policies. Participants in the forum include the Ministry of Land, Infrastructure and Transport, the Construction Management Society, the Construction Engineering Association, the Construction Technology Research Institute, the Construction Industry Research Institute, and PM-related construction engineering companies.

Although PM is known as a high value-added industry in the overseas construction sector, South Korea is evaluated to lag behind advanced countries in terms of companies' PM capabilities and performance. Accordingly, there is a growing call for the government to take the lead in creating conditions to activate PM in public and private construction projects and to support the development of domestic PM companies.

Domestically, PM orders for public construction projects are mostly concentrated in the construction phase (about 93%), and PM has been performing mainly supervision-oriented tasks, leading to criticisms that there are limitations in the role execution and effectiveness of PM introduction.

The government plans to establish an institutional foundation for PM revitalization based on the discussions at this forum and to create PM industry promotion policies that can be directly felt in the private sector as well.

Kim Young-guk, Director of Technology and Safety Policy at the Ministry of Land, Infrastructure and Transport, said, "The government plans to promote PM activation in public construction projects and will actively strive for domestic PM companies to advance not only in public projects but also in private projects and overseas markets. This forum demonstrates the government's policy will to foster the PM industry based on communication with the industry, and we will continue to pursue policies that resonate with both the industry and the public."

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