"Removing Regulations and Accelerating Administrative Processes Will Revive Construction"

Busan Chamber of Commerce, Urgent 'Construction Meeting' with Acting Mayor Byun Seong-wan on the 5th... Seeking Breakthroughs to Address Construction Industry Crisis

At a meeting held on the 5th at the Busan Chamber of Commerce and Industry between the construction industry and Busan City, attendees pledged efforts to revive the construction market. The Busan Chamber of Commerce requested policies and administrative services to invigorate the construction industry in crisis.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] An emergency meeting with Busan City to find a breakthrough for the Busan construction industry facing a crisis was held on the 5th at the Busan Chamber of Commerce and Industry.

This meeting was arranged by the Busan Chamber of Commerce and Industry to find a way out for Busan construction companies, which have been stuck in a prolonged slump due to several years of continued economic downturn and various regulations, and are experiencing even more severe management difficulties this year due to the novel coronavirus infection (COVID-19).

The local construction industry voiced their difficulties to Heo Yong-do, chairman of the Busan Chamber of Commerce and Industry, and Chairman Heo made an urgent proposal to Byeon Seong-wan, acting mayor of Busan, emphasizing that revitalizing the construction market, a barometer of the local grassroots economy, is urgent, which led to the meeting being held.

Although the meeting was held suddenly, key executives related to construction from Busan City, including Acting Mayor Byeon, the Director of Environmental Policy Office, the Director of Urban Planning Office, and the Director of Architecture and Housing Bureau, all attended and shared the seriousness of the situation. From the business community, Chairman Heo Yong-do and 10 elders of the local construction industry attended, engaging in frank discussions about the pressing issues facing the construction industry.

The elders of the construction industry proposed to Busan City the active promotion of private rental housing (New Stay) projects, active administrative support for private park and amusement park development projects, minimizing the negotiation period for pre-negotiation target projects, revitalization of SOC private investment projects, and early execution of facility construction and finances.

Regarding permits and approvals, since construction companies comply with relevant laws but sometimes face delays in administrative processing causing difficulties in project promotion, they requested that the competent authorities consider these circumstances and expedite administrative processing if there are no legal issues.

Acting Mayor Byeon responded that he would strive to accept the construction industry's requests as much as possible. “Especially since the construction industry is a major pillar of the local economy, we will immediately reflect the various voices from the construction industry raised today in city administration and actively support the revitalization of the construction market,” he expressed his determination to boost the construction economy.

Chairman Heo Yong-do, who hosted the meeting, said, “In the current situation where the construction industry’s difficulties are increasing due to strengthened regulations, if Busan City supports with active administrative assistance to stimulate the construction market, it will serve as a catalyst for economic recovery,” and added, “I hope the construction industry’s demands are conveyed frankly to the city and that the city actively reflects and supports them administratively.”