Korean President: Shipbuilding Must Modernise to Survive


South Korean President Park Geun-hye has claimed that a ground-breaking restructuring of the shipbuilding industry is the way to recover from the current downturn, according to IHS.

To emerge and thrive from the recent struggle of the shipbuilding industry requires innovation and technology, said Park at a meeting with trade officials.

South Korea is one of the top 3 shipbuilding nations in the world and has entire provinces reliant on shipbuilding as their main income.

“On the strengths of new technologies, the South Korean shipbuilding industry will be motivated to fly again. Shipbuilders need to carry out restructuring pre-emptively and spearhead future technologies through major investments,” Park said.

With the recent decline in the shipbuilding industry, Hyundai Heavy Industries, the largest shipbuilding company in the world, has begun already investing in the development of technology and a modern solution to its current economic state.
Earlier this month the shipbuilder announced an MOU with SK shipping to create an eco-system for Smart Ships. High debt in the industry and a risk to employment has also pushed the government into creating schemes for reskilling shipbuilding employees in case they are unable to stay in their current work.

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