South Korea’s finance minister said Monday the government will spare no efforts to provide all-out support to the shipbuilding sector with the goal of nurturing it into a new growth engine.

Finance Minister Choo Kyung-ho made the remarks during his visit to a shipyard operated by Hanwha Ocean Co. in Geoje, 331 kilometers southeast of Seoul, according to his office.

“The hope is growing over the second heyday of the ship industry,” Choo told company officials during the visit. “The government will provide all-out support to the sector in terms of finances, fostering experts, along with research and development projects.”

In the first half of 2023, South Korea’s exports of ships came to US$9.2 billion, up 11.9 percent from a year earlier.

Outstanding orders came to 38.8 million compensated gross tons (CGTs) to hit the highest level in 12 years, according to the Ministry of Economy and Finance.

The ministry said the visit was aimed at sharing the government’s vision for adapting to the rapidly changing environment driven by the shift toward eco-friendliness and digitalization in the industry.

South Korea will come up with detailed measures to support the shipbuilding industry this year based on the results of the visit, the ministry added.

Source: Yonhap News Agency