KFCIS Chairman Exhorts Construction Firms to Create Jobs
- He predicts recovery of construction industry in 2nd half in his new year message

Ma Hyung-ryul, chairman of the Korea Federation of Construction Industry Societies(KFCIS), in his new year's speech, said last year has been a very difficult one for the construction industry. In his speech delivered at the association's new year reception held at Lotte Hotel Jan.7, he said the economy was sluggish with the construction of houses and buildings slowing down on top of construction material shortage and dumping bids for construction projects hurting the operation of construction companies arousing worries that the industry is headed for another IMF crisis. Attending the event were about 800 people including a host of government officials and lawmakers headed by Deputy Prime Minister and Finance and Economy Minister Lee Hun-jai, Deputy Prime Minister and Science and Technology Minister Oh Myung, Rep. Kim Han-kil, chairman of the National Assembly Construction and Transportation Committee, among others.
The KFCIS chairman said under the trying times, the construction industry successfully completed major projects including the Seoul-Busan High-speed Railroad, the Jungbu Inland Expressway and projects to link inter-Korean railroads.
Construction firms did well also in overseas projects with orders clinched going over $7.5 billion last year, he said.
He, however, warned that the business prospect for the new year doesn't look upbeat.
But the government plans to execute 100 trillion won of its national budget in the first half of this year and order half of its construction projects also in the first half. In addition, the government will come up with an investment plan including projects involving the National Pension Fund in the second half, which is expected to perk up the construction industry from the second half.
Overseas construction projects orders are likely to hit around $10 billion this year igniting an overseas construction boom this year, Ma said exhorting his fellow construction men to do their best to create jobs to revive the economy. He called on construction firms to undertake only profitable projects and seek to boost the productivity, along with the development of technology for competitive strength. Her also called for just, ethical and transparent management of member construction firms in the way of fulfilling their social responsibility.
"All major players in the industry should be united under an ideal that the construction industry is one and draw up targets and visions for where the industry would be 10 years from now," he said. nw