President Han Seung-gu of Korea Construction Association on 1st Anniversary of Inauguration: "Full Effort to Revitalize Construction Industry"

Han Seung-gu, Chairman of the Korea Construction Association, stated on the 4th, "We will make every effort to overcome the stagnant construction market, secure appropriate construction costs, and improve the image of the construction industry to revitalize the sector."

On the occasion of his first anniversary in office, Chairman Han conveyed this message through materials distributed by the association, presenting the achievements of the past year and the key projects for this year. He said, "To resolve the financial liquidity of construction companies, we will increase support for funding supply and focus on normalizing project financing (PF) operations. We will also ease regulations on reconstruction and redevelopment, develop new towns to activate the housing supply market, and ensure that the volume created by construction investment returns to the construction industry."

Han Seung-gu, President of the Korea Construction Association (third from the left), along with construction industry officials, is attending the "Construction Industry Meeting for the Soft Landing of Real Estate PF" held last May at the Construction Hall in Gangnam-gu, Seoul. Photo by Jin-hyung Kang aymsdream@

He continued, "To ensure safe construction and enhance quality at construction sites, we will update the construction cost estimation system and standard unit prices. We will strive to secure stable construction costs by improving the ordering system and actively promote a stable management environment, including sound labor-management relations."

He added, "Through the Construction Cooperation Committee, we will do our best to improve the perception of the construction industry by promoting technological innovation, institutional improvements, creating a desirable working environment, strengthening social values, and positive promotional activities, transforming construction companies into trusted entities by the public."

The domestic and international conditions surrounding the construction industry are challenging. When Chairman Han took office in March last year, he launched the Construction Association’s Key Project Promotion Committee together with the chairpersons of 16 regional city and provincial associations to address industry issues in depth. The association explained that efforts were made in various ways, such as urging the government to increase general administrative expense ratios and bid rates to improve the profitability of public construction projects, and establishing grounds for adjusting total project costs in private investment projects. To overcome the liquidity crisis in the construction industry, the association negotiated with authorities to secure support measures, and revising project financing (PF) fees was also cited as an achievement of the association.

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