JEOLLABUK-DO < invest Korea

According to Yonhap News,

Prime Minister Han Duck-soo said Friday that the government will continue to provide support to help a Hyundai Heavy Industries shipyard regain competitiveness and create the potential for growth.

Han made the remarks at a ceremony marking the resumption of operations at the long-shuttered shipyard in the port city of Gunsan, 275 kilometers southwest of Seoul.

"The restart of the Gunsan shipyard will further increase our overwhelming global share of high value-added and eco-friendly ships," Han said.

Han said the resumption of operations at the shipyard is also expected to boost the economy in Gunsan and its surrounding North Jeolla Province.

South Korea plans to increase its global share of high value-added ships to 75 percent by 2030 from the current 64 percent, Han said.

The government will provide financial and logistical support for small- and medium-sized shipyards to strengthen their competitiveness, Han said.

In February, Hyundai Heavy reached an agreement with the North Jeolla provincial government and Gunsan city government to restart the shipyard, which recently resumed operations after some five years of shutdown.


kdh@yna.co.kr

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Source: Yonhap News (Oct. 28, 2022)