SEOUL, KOREA - A study said Korea's aging infrastructures need serious investment to replace and renovate. It would also stimulate the economy while reducing accidents, according to the study.
Kim Dong-ryul, senior research fellow with Hyundai Economic Research Institute, said in a report "The Nation's Aging Infrastructure: Suggestions for Improvement" on April 28, "Most infrastructures in Korea have been in place in the 1970s when economic growth took off. It is time to renew our effort to rebuild our infrastructure to improve safety."
Infrastructures include roads, bridges, tunnels, ports, dams, and water pipes. According to the report, the ratio of aging infrastructure whose age is over and above 30 years was 9.3 percent, or 1,352 out of 14,544 infrastructure facilities.
Kim argued, "The size of infrastructure market is US$23 billion, accounting for about 2.0 percent in the GDP. As the construction industry has a high spillover effect, investment in infrastructure will have an added benefit of stimulating the economy."
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