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The city of Ulsan secured a KRW 108 bln budget allocation to help local shipbuilders

According to Yonhap News,

The city of Ulsan announced on Dec. 16 that they’re likely to speed up the process to push ahead with five main projects in local shipbuilding industry, being able to secure budget allocations as much as KRW 108.8 billion. The package of five projects go as below: -Ministry of Science and ICT (MSIT): to establish a marine engineering SW cluster -Ministry of Trade, Industry and Energy & Maritime affairs ministry: to facilitate a testing ground for auto-pilot system inspection as part of national feasibility tests -Ministry of Trade, Industry and Energy: building up a large scale energy storage system, exclusive to vessels -Ministry of Trade, Industry and Energy: enhancing capacity to produce smart vessels powered by ICT technology -Ministry of Science and Technology: implementing a 5G network- smart telecommunications platform for marine engineering

In the midst of worldwide slowdown in shipbuilding industry which has put the city at dire risk for years, Ulsan started to draft a strategic roadmap for future development in the industry and take all the necessary steps to survive under the 2016 national initiative to help shipbuilders in Korea stay competent.

The city, in particular, has begun taking proactive measures to highly advance shipbuilding industry which is now facing a seismic paradigm shift, brought by numerous future technologies.

The city of Ulsan, which aims to gain a competitive edge in greener, smarter vessels by 2030, started to make through analysis of the industrial trend and outlook in a bid to explore national projects. In addition, the city is making an all-out effort to take bigger share of the national budget allocation to fully support the local economy, meeting legislative requirements.

Source Text

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Source: Yonhap News (Dec. 16, 2019)

*This article was translated from Korean.