A group of dignitaries led by Prime Minister Lee Nak-yeon, 5th L, and Minister Kim Hyun-mee,6th L, and Chairman Yoo Ju-hyun of the Federation of Construction Associations(FCA), 4th L, cut the cake at the New Year’s ceremony for the construction industry held on Jan. 4 hosted by the FCA. (Photo: NewsWorld)

The Federation of Construction Associations(FCA) hosted a New Year’s ceremony for the construction industry at Lotte Hotel in downtown Seoul on Jan. 4 with some 1,000 government officials, legislators and industry leaders in attendance.

The event was led by Prime Minister Lee Nak-yeon. Also present were Rep. Park Soon-ja, the chairman of the National Assembly Land and Transportation Committee and Chairman Yoo Ju-hyun of the host of the annual event. In his speech at the gathering, Prime Minister Lee congratulated the construction industry members for their lofty achievements in the past year, pledging more government support for the industry’s development in the days to come.

Chairman Yoo, in his speech as the host of the event, said the construction industry in general is expected to face a number of problems in the key areas of its operation this year, including the economic paradigm shift both at home and abroad.

The federation will go after a number of key projects for the construction industry in general, including the development of new construction technologies, the exploration of overseas construction markets, and an “ethical management” system for construction firms facing many challenges this year.

The CEOs of major construction companies expressed concern for the construction industry in 2019, stressing the need for reform to overcome the crisis.

President Lee Yong-ho of Samsung C and T Corp. said from last year, the company has been preparing for its future operations and this year, the company is out to sharpen its technology and professionalism as part of strengthening its fundamentals to clinch the upper part of the managerial leadership.

He called on each and every member of the company to do his or her best to achieve the goals so that the new year will be remembered as the year of success for such effort.

President Chung Jin-haeng of Hyundai Engineering and Construction said it will be difficult for the construction industry to expect good times like in the past this year. Construction firms now have to compete with Chinese firms in southeast Asia, now that the construction market in the Middle East has slowed down.

They said they need now professionalism and creativity by workers for the companies to compete with foreign rival firms and take back the past reputation and the No. 1 position in the overseas construction market to rebuild the vaunted name of the global builder.

President Ha Sok-ju of Lotte Construction stressed the Chinese verb, “working to death for survival,” in his New Year speech, citing a grave situation the company might be faced with this year, such as rising costs and slowing growth in the global economy worsening the company’s management conditions both at home and abroad.

He urged the strengthening of the capacity to secure orders, elevating the ability to take care of the projects and expanding the future growth engines as the important matters the company should secure to fight its way through the new year.

In his New Year’s speech, President Kim Sang-woo of Daelim Industry said it has to find the answer for survival in the changing environment. He said the company will survive and grow if it secures professionalism to look at the big picture while taking care of details.

He said securing cash is the most important task for the company this year. The company is to focus on its plan to take over the development of a new petrochemical plant complex in the U.S. as a future growth engine, he said.