The construction industry has asked lawmakers from the Democratic Party of Korea to pursue policies that would ease regulations and revitalize the market.
On April 29, the Korea Construction Association held a policy proposal agreement ceremony at the Construction Hall in Seoul, presenting "Construction Policy Tasks Desired for the Next Administration." The event was attended by Congressman Maeng Sungkyu, who serves as the chairman of the National Assembly's Land, Infrastructure and Transport Committee, as well as lawmakers Lee Yeonhee and Ahn Taejun. Representing the industry were Han Seunggu, president of the Korea Construction Association; Lee Hanwoo, CEO of Hyundai Engineering & Construction; Kim Bohyun, CEO of Daewoo Engineering & Construction; Park Sangshin, CEO of DL E&C; Park Chulhee, CEO of Hoban Construction; and Kim Jeongil, CEO of Kolon Global. Major provincial branch presidents, including Choi Taejin, president of the Seoul branch, and Jeong Hyeongyeol, president of the Busan branch, were also in attendance.
Industry representatives stressed the need to redefine the status of the construction industry in order to drive national economic growth and revive domestic demand amid ongoing economic uncertainty. Specifically, they argued for measures to revive the stagnant housing market, such as abolishing the price ceiling system for new apartment sales, easing tax regulations for households owning two homes, and providing tax reductions for the purchase of unsold homes in regional areas.
Major member companies of the Korea Construction Association and the presidents of provincial branches met with Democratic Party lawmakers, including Congressman Maeng Sungkyu, at the Construction Hall on the 29th to propose policies related to the construction industry. They are taking a commemorative photo after the signing ceremony. Provided by Korea Construction Association
They also called for allocating more than 30 trillion won annually to the social overhead capital (SOC) budget and making the criteria for preliminary feasibility studies more realistic, as ways to stimulate infrastructure investment. The industry requested the enactment of legal grounds for paying additional costs when extending the duration of long-term construction projects, as well as revisions to laws to prevent illegal activities at construction sites. In addition, they proposed a complete revision of the Serious Accidents Punishment Act and activities to improve the image of the construction sector.
Han Seunggu, president of the Korea Construction Association, said, "At a time when the construction industry is responsible for 15% of total GDP and more than 20% of regional economies, its role is critical to reviving the economy. We will work closely with the National Assembly and the government to ensure that the policy tasks presented today are reflected in future national governance."
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