Bucheon-si Signs Business Agreement with 10 Construction Companies for 'New Deal Policy Economic Vitality'

Mayor Jo Yong-ik of Bucheon (center) is taking a commemorative photo after the business agreement ceremony for the 'Bucheon-style New Deal Policy Economic Vitality' with 10 construction companies including Jungwoo Partners Construction Co., Ltd. on July 22, 2022. [Provided by Bucheon City]

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province announced on the 25th that it recently held a business agreement ceremony for the 'Bucheon-type New Deal Policy Economic Vitality' with 10 construction companies, including Jungwoo Partners Construction Co., Ltd., to revitalize the local economy, which is a key focus of city administration.

Accordingly, the city plans to build a database of local companies, equipment, workforce, and material status to provide information and administrative support to construction companies.

Construction companies have pledged to employ local workers and provide jobs during public and private building projects, utilize local companies' equipment and materials, and strive to ensure safety management at construction sites and protect workers from wage arrears.

The city is promoting the Bucheon-type New Deal Policy to increase opportunities for excellent local companies to participate throughout the construction period, including design, construction, management, and demolition.

If more than 30% of the construction costs utilize local workforce, companies, equipment, and materials as targeted, it is expected to generate an economic effect of over 500 billion KRW annually.

Mayor Jo Yong-ik of Bucheon said, "We hold emergency economic countermeasure meetings frequently for price stabilization and public welfare, focusing on overcoming the economic crisis of small business owners, SMEs, and vulnerable groups," and added, "We ask construction companies to actively cooperate through this agreement to help the recovery of the local economy."

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