Gov't to provide 'all-out support' to shipbuilding sector

Finance Minister Choo Kyung-ho, center, inspects shipbuilding facilities at Hanwha Ocean headquarters in Geoje, South Gyeongsang, on Monday. [YONHAP]

Korea's finance minister said Monday the government will spare no effort in providing all-out support to the shipbuilding sector with the goal of nurturing it into a new growth engine.

Finance Minister Choo Kyung-ho made the remark during his visit to a shipyard operated by Hanwha Ocean Co. in Geoje, 331 kilometers southeast of Seoul, according to his office.

"The hope is growing for the second heyday of the shipbuilding industry," Choo told company officials during the visit. "The government will provide all-out support to the sector in terms of finances, fostering experts, along with research and development projects."

In the first half of 2023, Korea's exports of ships came to $9.2 billion, up 11.9 percent from a year earlier.

Outstanding orders came to 38.8 million compensated gross tons (CGTs) hitting the highest level in 12 years, according to the Ministry of Economy and Finance.

The ministry said the purpose of the visit was to share the government's vision for adapting to the rapidly changing environment driven by the industrial shift toward eco-friendly methods and digitalization.

Korea will come up with detailed measures to support the shipbuilding industry this year based on the results of the visit, the ministry added.

Yonhap