2025 Construction Industry New Year's Meeting
"Listening to Construction Site Voices to Reflect in Policy"
Unified Voices for Overcoming Crisis and Creating Growth Engines
Jin Hyun-hwan, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, stated on the 7th, "We will turn the challenges of the construction industry into opportunities and create a definite turning point."
On the afternoon of the same day, Vice Minister Jin said at the '2025 Construction Industry New Year's Meeting' held at the Construction Hall in Gangnam-gu, Seoul, "The government will listen to the voices from construction sites and do its best to reflect those voices in policies."
He emphasized, "Although the construction market remains tough this year, we must unite our efforts to overcome the crisis." He added, "The government will expand housing supply and accelerate the development of new policies to stabilize public housing and recover the construction market." He further stated, "We will also faithfully implement liquidity support measures worth 40 trillion won to stabilize the market, including improving the supply and demand of construction materials, realizing realistic construction costs, and managing risks related to real estate project financing (PF)."
The New Year's meeting proceeded in order with a New Year's address, a New Year's video and well-wishes to encourage construction workers, and a traditional rice cake cutting ceremony. About 700 people attended, including Vice Minister Jin Hyun-hwan, Maeng Sung-kyu, Chairman of the Land, Infrastructure and Transport Committee, lawmakers from both ruling and opposition parties, heads of construction organizations, and representatives of construction companies.
Han Seung-gu, Chairman of the Korea Federation of Construction Associations, said in his New Year's address, "Construction workers have the pioneering spirit to create something from nothing and have found opportunities amid crises," adding, "We will find new growth momentum and create a construction vision demanded by the times."
Chairman Han noted, "The construction industry is going through a very difficult period," and said, "Time and effort are needed until the construction market recovers." He cited external factors such as instability in the Middle East and the prolonged Russia-Ukraine war causing global economic uncertainty and a global economic downturn. Internally, he diagnosed that the triple hardships (high interest rates, high prices, and high exchange rates), instability in raw material supply, and rising construction costs are exacerbating difficulties.
In response, Chairman Han emphasized the re-leap of the construction industry. He said, "Since entering the overseas construction market in 1965, the cumulative order amount is approaching 1 trillion dollars," and added, "The construction industry will focus on image improvement projects so that it becomes an industry equipped with technology and competitiveness in line with the 4th Industrial Revolution and attracts young talent."
Representatives from construction companies present included Jung Won-ju, Chairman of Daewoo E&C (and Chairman of the Korea Housing Builders Association), Kim Bo-hyun, CEO of Daewoo E&C, Park Sang-shin, CEO of DL E&C, Kim Seung-mo, CEO of Hanwha Construction Division, and Yoon Gil-ho, CEO of Gyeryong Construction.
After the event, CEO Kim Bo-hyun told reporters, "The domestic construction market is expected to worsen this year," adding, "We will focus on sound management." However, he clarified, "We will not artificially reduce the proportion of housing projects." He said they plan to increase the proportion of overseas projects. CEO Kim stated, "We will continue to target countries where we have already entered."
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