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, according to an article published on Trade Arabia.

Smart shipbuilding projects

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 utilizing an automated production system, shifting away from its previously labor-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.

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Source: Trade Arabia