South Korea will invest 260 billion won this year to advance shipbuilding technologies and boost global competitiveness, Yonhap News reported Tuesday, citing the Ministry of Trade, Industry and Energy.
The budget, up 40% from last year -- will allocate 170 billion won for environment-friendly vessels, 70 billion won for digital shipbuilding, and 20 billion won for autonomous ships -- bringing the total to 260 billion won, the report said.
The focus includes developing clean-energy-powered ships and environment-friendly equipment such as wind power auxiliary devices, it said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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