Lee Chung-jae, New Director of Geonsanyeon, "Need for Regulatory Reorganization and Realistic Construction Costs"

Lee Chung-jae, President of the Korea Construction Industry Research Institute, is delivering his inaugural speech at the Construction Hall in Gangnam-gu, Seoul on the 1st.

Lee Chung-jae, the newly appointed president of the Korea Construction Industry Research Institute, stated on the 1st that policy and institutional difficulties surrounding the construction industry are intensifying, and that regulatory reorganization and the realization of construction costs are necessary.

President Lee held an inauguration ceremony on the morning of the same day at the Construction Hall in Gangnam-gu, Seoul, saying, "The changes and market demands surrounding the construction industry have become much faster and more diverse since the COVID-19 pandemic."

The first point President Lee emphasized in his inaugural speech was 'regulation.' He said, "A series of various regulations excessively restrict the creative activities of construction companies and focus more on post-penalties than prevention." He added, "Now, it is necessary to shift policies to a cooperative and autonomous safety management method like advanced countries in disaster prevention," and "The construction industry must also establish a safety management system that meets global standards."

He also mentioned the 'realization of construction cost estimation.' He said, "With raw material prices soaring, the burden on the construction industry is increasing," and "Especially at times like this, the institute needs to conduct practical research that can be reflected in government policies and corporate management."

Furthermore, President Lee promised open communication within the institute and urged growth through organic cooperation among employees. He noted that the reality faced by the domestic construction industry amid economic crises caused by COVID-19 and the Russia-Ukraine war is challenging, emphasizing, "The institute must become a genuine think tank that minimizes trial and error in government policies through change and continuous innovation and presents future growth engines for the construction industry."

President Lee is a former official of the Ministry of Land, Infrastructure and Transport, having served as head of the Public Housing Construction Promotion Team, director of the Seoul Regional Land Management Office, and head of the Administrative City Construction Agency. His term is three years.