Seoul: South Korea's leading construction firms have introduced a set of measures aimed at fostering shared growth with subcontractors, in accordance with the antitrust watchdog's initiatives to eliminate unfair practices. This announcement was made during a meeting with Ju Biung-ghi, chairman of the Fair Trade Commission (FTC), and representatives from the nation's top 19 construction companies.

According to Yonhap News Agency, the meeting saw the unveiling of a shared growth agreement specifically designed for subcontractors. The construction companies committed to promptly adjusting supply prices during emergency situations, such as the ongoing Middle East war. In line with this commitment, the 19 companies have pledged to increase supply prices by a total of 134.3 billion won, equivalent to US$89.2 million.

Furthermore, the builders promised to establish individual dispute settlement bodies, which will facilitate smooth consultations with subcontractors. They also agreed to eliminate clauses that are considered unfair to subcontractors, such as those transferring the costs of industrial safety and waste disposal.

Ju Biung-ghi acknowledged the challenges faced by the construction industry due to the Middle East crisis and global geopolitical uncertainties. He emphasized that now is the time for businesses to collaborate and pursue shared growth more vigorously. The FTC plans to continue its efforts to support cooperation between construction companies and their subcontractors and will provide the necessary assistance to maintain this partnership moving forward.