BUSAN < invest Korea

(BUSAN=Newsis News) The City of Busan announced Feb. 15 that it will spend a total of KRW 1.2 billion with both national and city funding during the 3 years from 2017 to 2019 on a new initiative to help local marine leisure boat makers upgrade their manufacturing technologies and enter global markets.

The global marine leisure equipment market was worth KRW 24.2 trillion last year, and is expected to reach KRW 34.5 trillion by 2020.

The scale of domestic boat making technological prowess, however, remains at 86 to 65 percent of that of advanced economies.

Moreover, current trends in the marine leisure market focus on achieving higher speeds, raising concerns that it will further lower the market competitiveness of domestic products made with inferior manufacturing technologies.

Over 20,000 speed boats were registered in Korea last year, with an annual average increase of some 18 percent, but the position of domestic products is being threatened by foreign boat brands entering the domestic market, and the full-scale global expansion of Chinese makers.

At 37 percent, Busan boasts the country's greatest output of manufacturing businesses related to the marine leisure industry, as well as outstanding ports and marine leisure infrastructure. With demands increasing every year for marine leisure products, the City hopes to evolve into a global industrial hub for marine leisure tourism.

heraid@newsis.com

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Source: Newsis News (Feb. 15, 2017)