The Construction Association of Korea (CAK) proposed to the Ministry of Land, Infrastructure and Transportation (MOLIT) and the Ministry of Planning and Budget (MPB) on June 10 that more than 30 trillion won should be set aside in the SOC budget for the year 2027 to recover the vitality of the national economy amid fears over structural low-growth, caused by outside and inside uncertainties.
In particular, CAK delivered the industry’s voices signs of the current economic recovery have to be rekindled by executing timely SOC investments with greater spill-over effects.
A CAK official said, “The year 2027 expected to see tax revenue increase will be an optimal time to raise the nation’s growth potential.” CAK presented three core tasks – people’s safety, balanced development and future leap forward – as the necessity for expanding the SOC budget.
First, CAK said, the government should take preemptive steps to ensure people’s safety by coping with climate change and improving old infrastructure.
The association claimed that as the burden for restoring damages, caused by natural disasters, has surged and the number of facilities passing more than 30 years after dedication is on the rise, a budget for improving bridges and tunnels vulnerable to disasters should be reflected.
Secondly, CAK called for aggressive investing into infrastructure to overcome a worsening crisis of regional bipolarization.
The association demanded the building of super metropolitan transportation and logistics networks to prevent capital outflows of the non-Seoul metropolitan areas and invigorate each sphere’s mega cities and the expanding of livelihood SOC, such as medical care and culture of isolated areas.
Thirdly, CAK recommended a raise in mid- and long-term potential growth rate through the building of futuristic SOC.
The association called for timely supplying of infrastructure, such as advanced datacenter and power grid networks, in short supply, departing from the conventional infrastructure-oriented system and raising economic efficiency through digital transformation using AI technologies.
CAK Chmn. Han Seung-goo said, “Our economy will make a secure pump-priming for an economic rebound by aggressively appropriating SOC budgets to sustain a steady growth trend.”
Chmn. Han said the construction industry will do its utmost to recover the vitality of the national economy and build future foundation in keeping with expanding of infrastructure investments.
CAT Holds ‘Meet the CEOs: Town Hall Meeting with Hanyang University Future Construction People’
The Construction Association of Korea held “Meet the CEOs: Town Hall Meeting with Hanyang University Future Construction People” at Hanyang University Chung Mong-ku Future Automobile Research Center on May 19.
Among about 200 people on hand at the event were CAK Chmn. Han Seung-goo, President Lee Han-woo of Hyundai E&C, President Lee Ki-jung of Hanyang University and President Lee Chung-jae of the Korea Construction Economy Institute of Korea.
Dr. Kim Min-joo with Construction Economy Research Institute of Korea (CERIK) gave a lecture on “how to apply AI to our major in an intelligent construction era” in which she shared a future vision of the construction industry’s evolving through combination of AI and advanced industries.
At the following town hall meeting, Hyundai E&C President Lee had a discussion with students on the contractor’s future priority future growth engines and their preparations in an AI era.
CAK Chmn. Han gave words of encouragement and advise to students worrying about the future of the construction industry and their future courses amid a phenomenon of avoidance of the construction industry among youth.
Chmn. Han said, “Now that the construction industry is now changing fast into a future industry of combining AI, robot and big data, CAK will become a strong support for youth to realize their dreams fully.”
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