Seoul: Acting President Han Duck-soo vowed Tuesday to provide unsparing support for the construction industry as he marked 60 years since South Korea won its first overseas construction order. The construction sector was a key engine of South Korea's economic development and growth following the 1950-53 Korean War as it helped earn foreign cash by building expressways, plants, and other infrastructure, largely in the Middle East.
According to Yonhap News Agency, Han emphasized the significant challenges currently facing the construction industry both domestically and internationally. During a ceremony in southern Seoul celebrating the 60th anniversary and US$1 trillion in total overseas construction orders, Han cited global economic uncertainties and a downturn in the domestic real estate market as pressing issues that need to be addressed.
"The government will not spare our active support in order that these difficulties can be overcome at an early date and overseas construction can provide a new breakthrough for our economy," Han stated. He outlined plans to build an interagency diplomatic network targeting not only "strategic nations" in Asia, the Middle East, and Europe, but also emerging economies in Latin America and elsewhere.
Han further vowed to focus assistance on South Korea's strengths, such as smart city and urban development, and railway and infrastructure construction. This includes creating an additional government fund worth 1.1 trillion won (US$766 million) for related projects, aiming to bolster the construction sector's capacity to tackle current and future challenges.