South Korea begins dismantling barriers to foreign role in construction industry

Article Abstract:

The South Korean government has started to dismantle barriers to foreign participation in the local construction industry in the wake of one of the worst man-made disasters in the country's recent history. The collapse of Seoul's Songsu Bridge in Oct. 1994 highlighted the country's severe lack of infrastructure design and maintenance expertise. In response, the government has considered allowing foreign companies to bid for inspection contracts.

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Store collapse in Seoul underscores need for drastic reform of building industry

Article Abstract:

South Korea's government is considering reforming the supervision and maintenance procedures governing the construction industry. The planned reforms came after the Jun. 1995 collapse of the five-storey Sampoong Department Store in Seoul. South Korean engineers have long criticized the lax procedures that allow contractors to build facilities different from those specified in documents submitted to the government.

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Won's dive makes new bailout critical to avoid defaults: Seoul must recognize IMF-Led rescue or risk Latin American-style debt crisis, bankers say

Article Abstract:

The Korean Won's depreciation to 1,715 per US dollar on the close of trading on Dec 12, 1997 makes a renegotiation of the IMF bailout package necessary for South Korea. South Korea needs to renegotiate the terms of the IMF bailout package in order to avoid loan defaults. The credit ratings of some of the country's businesses meanwhile, were downgraded three notches by Standard and Poor's ratings group.

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