Oceans Ministry to develop Korea’s mega yacht market

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Oceans Ministry to develop Korea’s mega yacht market

The Ministry of Oceans and Fisheries said on Sunday that it will inject 21 billion won ($19 million) into developing a local mega yacht market over the next five years.

The ministry explained that the decision was made after the international demand for mega yachts, which are at least 100 feet long, grew an average 10 percent in recent years while the global market increased by up to 3.8 trillion won in 2013. The market is currently dominated by Italian, Taiwanese and Chinese companies.

“Despite having world-class technology in shipbuilding and information technology, Korea’s mid or small shipbuilders are struggling to enter this leisure yacht market,” the ministry said in a release.

The ministry said that 1 billion won will be invested this year and that a research institution for the project will be selected no later than in the first half. The research institute will lead the project until 2019. It hopes a prototype will be introduced in the next five years and that local shipbuilders will share the technology.

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