‘MOLIT Committed to Stabilizing Real Estate Market This Year’

Prime Minister Kim Boo-kyum, Minister Noh Hyeong Ouk of the Ministry of Land, Infrastructure and Transport, Chairman Lee Heon-seung of the National Assembly Land, Infrastructure and Transport Committee, and FCA Chairman Kim Sang-soo attend a new year’s gathering for those in the construction industry at the Construction Hall in Nonhyeon-dong, Seoul, on Jan. 6. (Photos: MOLIT, FCA)

MOLIT Minister Noh Hyeong-ouk delivers his speech at Minister Noh Hyeong Ouk.

Minister Noh Hyeong-Ouk of the Ministry of Land, Infrastructure and Transport (MOLIT) said, “We’ll conduct our utmost to achieve the goal of stabilizing the real estate market this year.” Minister Noh made the remarks in his New Year’s message.

Looking back at last year, Minister Noh said the ministry had diverse efforts to realize the stability of people’s housing while solidifying policies such as the expanding of housing supply, protecting of real housing buyers and the strengthening of housing welfare.

The ministry worked out strategies to implement regional-oriented cooperation in super-metropolitan cites and made efforts to balanced development by establishing mid-, and long-term road, railway and airport plans.

First, he said, “We’ll make our utmost to achieve the goal of stabilizing the real estate market this year.”

“We’ll make sure the real estate market will no longer be overheated by supplying around 460,000 units this year and 2.05 million units in a mid- and long-term as we promised to people,” he said. Upgrading housing welfare quantitatively and qualitatively is an important task, Noh said.

He added that the ministry will implement detailed policies, such as integrated rental housing supply, the expanding of medium-sized units and supply tailored to meet demand on top of quantitatively securing public rental housing.

Second, he said, MOLIT will devote itself to reinvigorating the regional economy and promoting balanced national development.

Third, the minister said the ministry will see the revision of construction safety-related laws to prevent accidents that claim workers’ precious lives from industrial sites.

The ministry plans to ramp up management of factors compromising transportation safety and establish a traffic safety regime similar to that of advanced countries by building a pedestrian-oriented environment.

FCA Chairman Kim Sang-soo gives his speech at the event.

FCA Chmn. Kim Calls for Making This Year a Hopeful One

The Federation of Construction Associations (FCA) held a new year’s gathering for those in the construction industry at the Construction Hall in Nonhyeon-dong, Seoul, on Jan. 6.

Among those on hand at the event were Prime Minister Kim Boo-kyum, MOLIT Minister Noh Hyeong-Ouk, Chairman Lee Heon-seung of the National Assembly Land, Infrastructure and Transport Committee, FCA Chairman Kim Sang-soo, Rep. Cho Eung-cheon and Rep. Kang Jun-hyeon. The event took place according to the government’s social distancing guidelines against the COVID-19 pandemic.

In his New Year’s message, FCA Chairman Kim said, “Despite the contracting of the pandemic, the construction industry has shown a hope in our national economy.”

Kim called for making joint efforts so this year one in which hope shines despite the continuity of a crisis and uncertain economic conditions.

In his New Year’s message, Prime Minister Kim said the government will make efforts to develop the construction industry.