Seoul: The government has enforced new regulations aimed at revising the management of construction costs in the public sector, a strategic move designed to provide much-needed support to the struggling construction industry, the finance ministry announced on Tuesday. These updated guidelines are intended to adjust the total expenses associated with public construction projects to more accurately mirror the escalating costs within the construction sector, as outlined by the Ministry of Economy and Finance.
According to Yonhap News Agency, the revised regulations came into effect last month, with specific clauses set to be implemented following the amendment of related laws. This proactive measure is anticipated to accelerate public projects that have faced delays due to increased construction expenses, ultimately aiding construction firms grappling with financial challenges. The ministry's release emphasized that this regulatory change is a critical step toward stabilizing and invigorating the industry.