S. Korea To Invest 2 Tln Won For Smart, Clean Energy Projects For Ships

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South Korea’s industry ministry said Tuesday it plans to pursue investment projects worth 2 trillion won (US$1.44 billion) over the next 10 years with businesses to leverage smart and clean energy technologies in the shipbuilding industry.

Vision 2040

The government unveiled the initiative as part of Vision 2040, a strategic plan aimed at developing cutting-edge technologies for ships, including full autopilot capabilities and carbon-free engines, according to the Ministry of Trade, Industry and Energy.

The latest vision came amid concerns that, despite holding the world’s leading shipbuilding capacity, the domestic industry depends heavily on key technologies as well as related equipment.

To address such concerns, the government has pledged to transform South Korea into a marine engineering powerhouse by utilizing an automated production system, shifting away from its previously labor-intensive structure.

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Source: En.yna