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MOTIE announces K-Shipbuilding Strategy for Next-Generation Market Dominance 2023-11-15

The Ministry of Trade, Industry and Energy (MOTIE) announced the “K-Shipbuilding Strategy for Next-Generation Market Dominance” on November 15 at the emergency economy ministerial meeting and the exports and investment promotion meeting. The strategy aims to reflect on-site opinions and preemptively respond to internal and external challenges for Korea to take the lead in the next-generation shipbuilding market through a public-private joint strategy on creating future growth engines and heightening the global competitiveness of Korea’s shipbuilding industry.

MOTIE plans to seize over 80 percent of the next-generation shipbuilding market through the following three policy directions: 1) claim the future technology super gap 2) advance and upgrade the manufacturing system 3) establish legal and system infrastructure and inject a 710 billion won budget by 2028.

First, MOTIE will launch technological development and demonstration projects on three major carbon-free fuel sources (LNG, ammonia, hydrogen) and push for early commercialization of autonomous self-navigating ships. It will also train over 3,000 personnel as core technology talent, and seek technology collaboration with overseas partners.

For establishing an innovative manufacturing system with heightened productivity, MOTIE will invest in building smart shipyards and the distribution of robotics to realize the digital transformation (DX), while also improving the visa system based on mid-to-long term projections on foreign manpower demand, and support entrance into overseas markets and technology development for stronger self-sustainability of small and medium-sized shipbuilders and the materials and equipment industry.

In addition, the ministry will improve the financial support infrastructure, strengthen cooperation with large corporations, SMEs, upstream and downstream industries to accelerate sustainable growth, and develop laws on “Promotion of Industrialization and Technological Innovation of the Next-Generation Shipbuilding Industry” (tentative) to expand exports and boost shipbuilders’ bid winning performance.

MOTIE’s Vice Minister Youngjin Jang stated that “with the global shipbuilding industry’s upturn adding tailwind to Korea’s shipbuilding industry, we expect to see great opportunities for making a rebound and new leaps.”