Dec. 15 (Asia Today) -- Japan's shipbuilding industry is moving to rebuild after a prolonged slump, with the government establishing a 1 trillion yen ($6.42 billion) support fund and preparing a mid- to long-term industrial strategy dubbed the "Shipbuilding Revitalization Roadmap," according to the report.
Tokyo is also promoting an "All Japan" framework that links the shipping and shipbuilding sectors, redefining shipbuilding as a national strategic industry. The shift is being closely watched by South Korea's shipbuilders as Japan seeks a policy-driven pivot after its presence weakened amid aggressive competition from China and South Korea.
Japan was a global shipbuilding powerhouse in the early 1970s, accounting for about half of worldwide shipbuilding volume. After the oil crisis, however, large-scale facility investment largely stalled for more than 50 years due to volatility in shipping markets and uncertainty in ship demand. During that period, South Korea and China rose to the center of global shipbuilding through government-led investment and support, the report said.
Japan's share of global merchant-ship orders remains in the single digits, the report added. The rebuilding drive stems from a growing view in government and industry that shipbuilding is not only a competitiveness issue but also a matter of national infrastructure.
