The South Korean legislative landscape is undergoing significant shifts with new amendments aimed at reinforcing accountability within the construction sector while supporting the burgeoning high-tech strategic industries. According to The Korea Herald, these legislative proposals and amendments were compiled in a weekly report by the law firm DR & AJU LLC.
Enhancing Safety Measures in Construction
A pivotal proposal by Rep. Park Yong-kab involves a partial amendment to the Construction Technology Promotion Act. This proposed bill mandates quarterly disclosures of construction firms with records of fatal industrial accidents. The aim is to foster transparency and accountability among construction companies, encouraging adoption of stringent safety measures across sites.
Tackling Stock Market Volatility
Rep. Kim Sang-hoon has proposed an amendment to the Financial Investment Services and Capital Markets Act. This initiative addresses stock volatility by curbing fictitious subscriptions and short-term trading by institutional investors, introducing mechanisms like a pre-investment survey and the Cornerstone Investor Program to stabilize the market and bolster investor confidence.
Housing Act: Addressing Cost Disputes
With disputes around construction costs rising due to inflationary pressures, a pending amendment to the Housing Act provides a channel for housing remodeling associations to verify renovation project costs through esteemed public bodies, including the Korea Real Estate Board. This amendment aims to ensure transparency in construction financials, protecting stakeholder interests.
Tax Incentives for High-Tech Growth
In a strategic move, an enforcement decree broadens tax credits for new growth technologies. Administered by the Ministry of Economy and Finance, this bill supports research and human resource development in national strategic tech sectors, thereby laying a foundation for robust growth within the tech industry.
Streamlining Urban Improvement Processes
The Ministry of Land, Infrastructure, and Transport has announced an amendment to expedite urban redevelopment. The new rule necessitates local governments to act swiftly upon receiving inspection requests, thus streamlining processes for urban area improvements.
These legislative efforts collectively reflect South Korea’s commitment to creating a safer construction industry while providing a fertile ground for future tech innovations. The alignment of regulatory measures with economic goals promises a balanced growth trajectory for the nation.