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S. Korea's shipbuilding industry retakes the "world's first" status in seven years, and pledges to retain the throne

According to Yonhap News,

(SEOUL=Yonhap News) The Korea's shipbuilding industry, which surpassed China and secured the highest annual amount of orders last year, pledges to take another great leap forward this year.

According to the the Ministry of Trade, Industry and Energy, the 2019 Shipbuilding and Marine Industry New Year's Greeting is being held at Nurimaru, Busan on January 10.

The event is co-organized by 10 companies in shipbuilding and marine industry, including the Korea Offshore & Shipbuilding Association (KOSHIPA) and Korea Marine Equipment Association (KOMEA).

Last year was a hard time for the industry; however, it also saw recovery in orders.

The industry projects a full scale economic recovery in 2019 due to increased international orders, increased domestic production and improved employment conditions. Increased price of materials and global economic slowdown, however, remain as uncertainties.

At the greeting, leading CEOs of the industry will proclaim their commitment to maintain the status as the world's first shipbuilding and marine industry by reducing cost of materials and by strengthening technological competitiveness.

The government will proceed the financial support program of KRW 1.7 trillion it proposed last year as a method to revitalize the shipbuilding industry, and will also create a mutually beneficial business environment for the shipbuilding and marine industry.

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Source Text

Source: Yonhap News (January 10, 2019)

** This article was translated from Korean.

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