By Lee Tae-hoon
Staff reporter
President Lee Myung-bak Friday called on government officials to pay more attention to the provincial construction industry and job creation, especially among people with multicultural backgrounds.
He made the remarks in a meeting with economy-related Cabinet ministers and aides held at a youth job center in Seoul.
Lee emphasized that policymakers should take a keener interest in the sluggish construction market in the provinces, as low income-earners are feeling the pinch there despite the country's fast economic recovery.
The Construction Business Survey Index (CBSI), which measures builders' sentiment, plunged 11 points to 59.5 in May, the lowest in 15 months, according to the Construction Economy Research Institute of Korea.
A CBSI reading of below 100 means more companies have a pessimistic outlook on the industry.
The number of construction companies also hit a nine-year low at 12,265 in April, down from 12,711 in 2008 and 12,942 in 2007.
President Lee also stressed that the government should continue to place its top priority on job creation, particularly for the less privileged and migrant families as they have yet to benefit from the economic rebound.
"The most delightful news is that the number of jobs is on the rise and Korea's economy is growing fast," Lee said. "But it will likely need some more time and jobs for ordinary people to feel the benefits of the economic recovery."
The number of jobs grew by 580,000 in May, compared to the same month last year, according to Statistics Korea. However, opposition parties insist that social and economic polarization has widened since Lee took office in early 2008 due to his administration's pro-chaebol policy, rather than the global financial crisis.
In this regard, the President said he expects more responsible and competent social businesses to emerge so that they can help the country overcome polarization and address the dark side of economic growth.
He said the country should also pay more attention to unemployed people from multicultural backgrounds as the number of foreigners in Korea has noticeably increased and many more will come here to work and through interracial marriages.
Some 1.2 million foreigners are currently residing in Korea.