Busan is good

Busan Leads the Charge to Overcome the Construction Industry Crisis with the “Busan Construction Future Vision Conference”

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it will hold the “Busan Construction Future Vision Conference” (hereinafter “the conference”) today (14th) at 5:30 p.m. at Park Hyatt Busan, together with the construction industry and major corporations, to explore ways to overcome the downturn in the regional construction sector and promote mutual growth.

The conference marks the first time that CEOs of major construction companies will gather in a region outside the Seoul metropolitan area for a construction-industry revitalization event.

Strategic communication with CEOs of major construction corporations will provide a foundation for co-prosperity with local construction companies and serve as a venue for advancing Busan’s vision of becoming a global hub city.

More than 30 participants—including Mayor Park Heong-joon, CEOs and senior executives of major domestic construction companies, and representatives of construction-related organizations—will gather to share Busan’s construction vision and discuss measures to revitalize the regional construction economy.

CEOs of major domestic construction companies expected to attend include Jeong Won-ju, Chairman of Daewoo E&C; Yoon Gil-ho, CEO of Gyeryong Construction Industrial; Bae Young-han, CEO of Woomi Construction; Kim In-su, CEO of Ssangyong E&C; Choi Moon-gyu, CEO of Hanshin Public Corp.; and Lee Jeong-ryeol, CEO of Bando Construction.

In addition, senior executives from Samsung C&T, Hyundai E&C, DL E&C, GS E&C, Lotte E&C, HDC Hyundai Development Company, and Hanwha Construction will attend.

Also joining are Jeong Hyeong-ryeol, Chairman of the Busan Chapter of the Korea Construction Association; Kim Hyeong-gyeom, Chairman of the Busan Chapter of the Korea Specialty Contractors Association; and representatives from the Korea Construction Management Association.

During the conference, participants will explore cooperation measures across various areas, including expanding public and private construction project volumes and increasing participation rates of local subcontractors. Practical insights from the industry will be actively reflected in future municipal policies.

The event will include a vision declaration ceremony for mutual development among Busan Metropolitan City, major construction companies, and local builders, followed by networking with CEOs of major construction corporations aimed at achieving the global hub city vision. Through the vision declaration, the city, major corporations, and local builders will deliver a message of “shared growth through cooperation and innovation.”

Through this conference, the city intends to request major construction companies to expand participation by local builders in large-scale construction projects and increase regional investment that contributes to job creation. In response, major corporations are expected to discuss cooperative measures such as expanding subcontracting opportunities for local builders and enhancing their competitiveness through the transfer of smart construction technologies.

To date, Busan Metropolitan City has strengthened registration rates of local builders as partner companies of major construction firms through various policies aimed at increasing subcontracting rates and revitalizing the regional construction sector.

Currently, Busan’s construction economy faces challenges, including declining construction contract volumes and a stagnant housing market, with local subcontracting participation rates also trending downward.

To overcome this crisis, the city has implemented initiatives such as the “Busan Construction Industry Capacity-Building Support Project,” the “Busan–Major Construction Companies Co-Prosperity Day,” and the “Subcontracting Promotion Sales Team.” Based on these efforts, the number of local builders registered as partner companies of major construction firms has steadily increased over the past three years, reaching 1,752 as of November this year—a 26.9 percent increase from the same month last year.
Number of registrations by local builders as partner companies of major construction firms (as of November): 1,294 in 2023; 1,381 in 2024; 1,752 in 2025.

In particular, the “Busan–Major Construction Companies Co-Prosperity Day,” launched in 2020 as the nation’s first initiative of its kind, marks its fifth year. Over the past three years, 50 major construction companies and 142 local builders have participated in Busan, and the event has become one of the nation’s leading platforms for revitalizing local subcontracting.

Mayor Park Heong-joon stated, “When a local government plans new infrastructure for the future of a city and major corporations actively participate in the process, a virtuous cycle of co-prosperity emerges that strengthens the regional construction ecosystem.”

He added, “Busan Metropolitan City is keeping opportunities open for participation by major corporations in both private and public-sector construction projects, while offering a range of benefits—such as floor area ratio incentives—when they collaborate with local professional builders. Guided by the belief that we must go together to go far, the city will continue working to build a construction ecosystem where major corporations and local builders grow together.”