Seoul: South Korea will invest 260 billion won (US$179 million) to develop cutting-edge shipbuilding technologies this year as part of efforts to bolster the global competitiveness of its shipbuilding industry, the industry ministry said.
According to Bahrain News Agency, the South Korean Ministry of Trade, Industry, and Energy announced that the proposed amount is a 40% increase from the corresponding budget for 2024.
Of the 260 billion won, the ministry will allocate 170 billion won to developing technologies for creating eco-friendly vessels, 70 billion won to the digital transition of shipbuilding procedures, and 20 billion won to developing autonomous vessels, according to Yonhap News Agency.
In detail, the ministry will focus on developing ships powered by clean energies, such as ammonia and electricity, as well as eco-friendly equipment like auxiliary devices for wind power.