"Construction Industry in Crisis, Public and Private Sectors Must Innovate Together"

The 19th Asia Construction Awards
Hyundai Engineering Receives Minister of Land, Infrastructure and Transport Award

Asia Economy held the '19th Asia Construction Comprehensive Awards' event at the Korea Press Center on the 25th and selected and announced the glorious winners who shone in the construction industry this year.

Kang Hee-eop, Chairman of the Metropolitan Transportation Committee at the Ministry of Land, Infrastructure and Transport (third from the left in the back row), Lee Chung-jae, President of the Korea Construction Industry Research Institute (fifth from the left in the back row), Kim Tae-yeop, Head of the Global Business Division at the Overseas Construction Association (second from the left in the back row), Shim Kyo-eon, President of the Korea Research Institute for Human Settlements (sixth from the left in the back row), and Woo Byung-hyun, CEO of Asia Economy (fourth from the left in the back row), along with the awardees, are posing for a commemorative photo at the '19th Asia Construction Comprehensive Awards' ceremony held on the 25th at the Press Center in Jung-gu, Seoul. / Photo by Kim Hyun-min kimhyun81@

At this year's Asia Construction Comprehensive Awards, Hyundai Engineering received the Minister of Land, Infrastructure and Transport Award. POSCO E&C and SK Ecoplant each received the Seoul Metropolitan Mayor Award, and Daewoo E&C received the Overseas Construction Association President Award. Eight companies including Hyundai Engineering & Construction, Doosan Engineering & Construction, Kumho Construction, Booyoung Group, DL E&C, GS Engineering & Construction, HDC Hyundai Development Company, and Ssangyong Engineering & Construction were selected as winners in their respective categories.

Kang Hee-up, Chairman of the Metropolitan Transportation Committee of the Ministry of Land, Infrastructure and Transport, said in his congratulatory speech, "For the past 70 years, the construction industry has been the driving force of the national economy, achieving rapid growth. Today, it accounts for 15% of the Gross Domestic Product (GDP) and creates 2 million jobs," adding, "Recently, the construction industry has been facing crises such as real estate project financing (PF) issues and rising prices, and the government, industry, and media must work together to overcome them."

He continued, "The government has announced supply measures and tax support for unsold housing, and is also making unseen efforts to respond to the rapidly changing market, such as supporting smart construction technology and expanding overseas orders," and added, "I am aware that the industry is also making efforts to improve financial structure, diversify portfolios, and innovate management."

Chairman Kang also emphasized the importance of construction safety. He said, "We need to pay more attention to less visible issues such as recent sinkholes," and added, "Practices like illegal subcontracting should be further improved so that the primary contractors and subcontractors voluntarily coexist, and countermeasures should be introduced." He continued, "Although it is not an easy task, if we work together, the future of the construction industry will be bright," and concluded, "When a crisis comes, an opportunity also comes. The Ministry of Land, Infrastructure and Transport will support efforts to overcome the crisis."