According to Yonhap News,
Busan city announced on May 6 that the local authorities’ project to build out industrial base for ship repair/ maintenance business was selected as part of national open contests of “2021 smart project to build out the technology base” led by Ministry of Trade, Industry and Energy. With a KRW 5.2 billion worth of national funding, the city appears to be able to push for this three- year project for the period from 2021 through 2023.
The MOTIE’s smart project is to further advance local industries, while rolling out a diverse range of possible business applications by making full use of resources and capabilities of each municipal district.
Vessel repair industry is comprised of businesses that are primarily engaged in maintenance, construction, repair, conversion, alteration, production of components and specialized services, which require dynamic, cross-sectoral integration from machinery, metal industry to electronics to bring value directly or indirectly to national economy.
Notwithstanding excellent technological capabilities and business climate, most local ship repairing businesses have been throttled by ever fiercer competition with rivals in the global market. To give room to jumpstart the industry, Busan city revealed an outline of the support plan to help them scale up- forming an equipment sharing platform, adopting high-tech machines, financing inspection process, running HR training and marketing services to form sales network overseas.
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Source: Yonhap News (May 6 , 2020)
** This article was translated from Korean.