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Minister Lee discusses measures to bolster shipbuilding industry with shipyard CEOs 2023-05-15

Trade, Industry and Energy Minister Lee Chang-yang and Financial Services Commission (FSC) Chairman Kim Joo-hyun held a conference with the CEOs of large and mid-sized shipbuilders and parts manufacturers on May 10 at the Hotel Hyundai Ulsan and announced measures to expand financial support for Korea’s shipbuilding industry.

This conference was held on the occasion of the first anniversary of President Yoon Suk-yeol taking office to gather industry opinions, assess Government policies and discuss future policy directions. CEOs of nine major domestic shipbuilding companies attended the conference.

The industry representatives viewed that the rebound of Korea’s shipbuilding industry had been possible thanks to the new administration’s efforts to improve foreign workers policy, expand financial assistance measures like refund guarantee financing, and requested that the Government continue to show interest and support so that site-level policy implementation can be more effective.

Attendees voiced various proposals for support, including faster issuance of refund guarantees, development of hydrogen- and ammonia-powered ships, support for flag carrier orders of LNG carrier cargo holds, as well as measures to secure sufficient manpower for producing LNG carrier cargo holds, which are expected to increase in demand.

Minister Lee Chang-yang stated that the conference helped confirm which types of policies are in demand by the Korean shipyard industry, such as deregulation and recruitment, and vowed that “communication with the industry will continue.”

FSC Chairman Kim stated that “the measures announced are the fruition of all the endeavors made together with financial institutions to take shipbuilders’ opinions into consideration,” and stressed that “continued communication is necessary in reaching a policy consensus.”