Korea plans $1.4bn investment for smart shipbuilding projects

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The Republic of Korea’s industry ministry said Tuesday it plans to pursue investment projects worth 2 trillion won (US$1.44 billion) over the next ten years with businesses to leverage smart and clean energy technologies in the shipbuilding industry, Yonhap News Agency reported.

This comes as part of Korea’s Vision 2040, a strategic plan to develop cutting-edge technologies for ships, including full autopilot capabilities and carbon-free engines, said the report citing the Ministry of Trade, Industry, and Energy.

The government has pledged to transform Korea into a marine engineering powerhouse by utilising an automated production system, shifting away from its previously labour-intensive structure.

It also designated ten flagship projects harnessing advanced technologies, such as developing liquefied carbon dioxide carriers and a carbon capture and storage system for ships.

The projects also include securing a fully autonomous system, it added.

Source: Trade Arabia News Service