Seoul City to Invest 785.9 Billion KRW in Safety and Construction Sectors This Year

Economic Vitality and Job Creation Effects

[Asia Economy Reporter Kiho Sung] The Seoul Metropolitan Government announced on the 6th that it will invest 785.9 billion KRW this year in orders for services and construction works in the safety and infrastructure sectors. There are a total of 362 projects directly related to citizen safety, such as road and bridge repairs and water and sewage repairs. Although new construction projects have decreased compared to last year, maintenance works for water and sewage and river facilities have increased by 17%.

First, the ordered services in the safety and infrastructure sectors include a total of 174 projects: ▲ 86 projects (28 billion KRW) in safety fields such as road facilities, firefighting, and mountainous areas ▲ 64 projects (30.4 billion KRW) in water and sewage safety management ▲ 24 projects (43 billion KRW) in infrastructure design, with a total project cost of 101.4 billion KRW.

Construction orders include a total of 188 projects with an investment of 684.5 billion KRW: ▲ 48 projects (122.2 billion KRW) for road facilities and bridge maintenance ▲ 76 projects (190.1 billion KRW) for water and sewage facility maintenance and repair ▲ 33 projects (283.1 billion KRW) for urban infrastructure development such as roads and parks ▲ 31 projects (89.1 billion KRW) for river dredging and river facility works.

The city plans to promote early ordering of about 85% by April to revitalize the local economy, which has been stagnant due to COVID-19, and to contribute to job creation. Applying the employment inducement coefficient from the Bank of Korea, it is analyzed that 8,500 jobs will be created.

The city plans to disclose related information such as project details and ordering schedules for the services and construction works to be ordered this year on the Seoul Metropolitan Government website, so that companies can prepare in advance and participate.

Choi Jin-seok, Director of the Seoul Safety General Office, said, “Since these are projects for citizen safety, we will do our best to ensure they proceed without any setbacks throughout the year, and above all, we will make every effort to prevent accidents at construction sites.”