Incheon Metropolitan City is turning a large-scale public construction project worth some 800 billion won into a lever for revitalizing the regional economy. On the 7th, in the main reception room of City Hall, the city joined the contractor and local construction organizations in signing a win-win agreement linked to the Incheon-daero surface conversion project, pledging to sharply expand the participation of local firms.
 [코리안투데이] The Incheon City-POSCO E&C-Incheon Chapter of the Specialty Contractors Association ceremony for the win-win agreement to revitalize the local construction industry © 장형임 기자 |
Incheon Metropolitan City (Mayor Park Chan-dae) announced that on the 7th, in the main reception room of City Hall, it signed a ‘Win-Win Agreement for Revitalizing the Local Construction Industry’ with POSCO E&C and the Incheon Chapter of the Korea Specialty Contractors Association, in connection with the ‘Incheon-daero Surface Conversion (Phase 2) Road Improvement and Congestion Relief Project.’ The signing ceremony was attended by Incheon Mayor Park Chan-dae, POSCO E&C CEO Song Chi-yeong, and Cho Heung-su, chairman of the Incheon Chapter of the Korea Specialty Contractors Association.
The agreement is aimed at establishing a cooperative framework among the ordering agency, the contractor and local construction organizations so as to expand the subcontracting participation of local firms during construction and to give priority to locally produced materials, construction equipment and labor. In effect, it serves as a practical mechanism to keep the funding for a large project circulating within the region rather than flowing out to outside firms.
The Incheon-daero surface conversion project (Phase 2) that underpins the agreement has been under way since November 2025. It is a large-scale public construction project that will improve 5.64 km of surface road running from the Juan Industrial Complex overpass to the Seo-Incheon IC and build 4.27 km of new underpasses, with a total project cost of 821.1 billion won and a targeted completion date of 2031. It is regarded as a key project expected not only to ease the severance of the urban area and improve residents’ living conditions but also to deliver old-town regeneration effects.
Under the agreement, each institution takes on a distinct role. Incheon City will provide administrative support to ensure the project proceeds smoothly, including inspecting the state of subcontracting and monitoring compliance. As the contractor, POSCO E&C has agreed to set the proportion of subcontracting participation by local construction firms, and the priority-use rate for locally produced materials, construction equipment and labor, at 70 percent or more of the total contract amount and the subcontract amount respectively, and to work toward meeting those targets. The Incheon Chapter of the Korea Specialty Contractors Association will recommend and promote excellent local specialty construction firms to the contractor, supporting cooperation between the prime contractor and local companies.
Incheon City expects that by actively deploying the region’s human and material resources on site in connection with a large public project, it will strengthen the competitiveness of the local construction industry and breathe new life into the stagnant regional economy. For local construction firms, workers, and suppliers of materials and equipment, it offers an opportunity that can lead to steady work and revenue.
Mayor Park Chan-dae said, ‘The Incheon-daero surface conversion Phase 2 project is a very important project that can invigorate the local construction industry and the economy as a whole, beyond easing the severance of the urban area and improving living conditions,’ adding, ‘We will strengthen city-level support and management so that expanded subcontracting participation by local firms and the priority use of local materials, equipment and labor lead to tangible results.’
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