Industry Minister Kim Jung-kwan holds virtual talks with his counterpart from the United Arab Emirates on May 21. [MINISTRY OF TRADE, INDUSTRY AND RESOURCES]
Industry Minister Kim Jung-kwan on Wednesday vowed active support for the growth of small- and medium-sized shipbuilders and shipbuilding equipment manufacturers.
Kim made the pledge in a meeting with executives from the companies in the southeastern port city of Busan, saying the government will invest 500 billion won ($332.3 million) in the AI transformation of the shipbuilding sector, according to the Ministry of Trade, Industry and Resources.
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The government will also work to develop U.S. investment projects that Korean shipbuilding equipment manufacturers and small-sized shipbuilders can participate in under the MASGA initiative, Kim said. MASGA refers to the “Make American Shipbuilding Great Again” proposal, one of the major projects that helped Korea secure its tariff agreement with the United States last year.
