The Seoul government will continue to support the South Korean shipbuilding through the provision of funding for research and development activities and within The year will draw up a plan to strengthen competitiveness of the sector. This was announced today by Choo Kyung-ho, deputy first Minister and Minister for Economic Affairs and Finance, on the occasion of a visit to the Hanwha Ocean shipyard in Geoje.

On the occasion of the visit, which was attended by several exponents of the national shipbuilding industry, Kyung-ho ha highlighted that in the first half of this year the shipyards South Koreans, which in the period exported ships worth 9,2 billion dollars, up +11.9% on the first half of 2022, obtained a third of the naval orders issued to global level and that the sector, which is driving exports national, is experiencing a favorable trend thanks to the recent Growth in demand for eco-friendly ships that is expected to enable to record good performances also in the second half of the 2023.

Highlighting that the order book of South Korean shipyards, amounting to 38,8 million tonnes of gross tonnage compensated, it is The highest in the last 12 years, the Deputy Prime Minister has Remembered that support for the shipbuilding sector also passes through the ongoing development of the system of guarantees of early repayment of payments whereby small and medium-sized shipbuilding companies, which usually signing of the contract for the construction of a new ship receive an advance payment of approximately 40% from the customer of the price of the ship, can request from the commercial bank guarantor of access to the early repayment system in case the delivery of the vessel cannot be carried out. Kyung-ho ha To this end, the guarantee fund from Korea Trade Insurance Corporation will be greatly expanded by elevating it from 120 billion to 400 billion won.