This undated file photo provided by Hanwha Ocean Co. shows a concept image of an ammonia-powered carrier. (Image courtesy of Yonhap)
SEOUL, Jul. 2 (Korea Bizwire) — South Korea’s industry ministry said Tuesday it plans to pursue investment projects worth 2 trillion won (US$1.44 billion) over the next 10 years with businesses to leverage smart and clean energy technologies in the shipbuilding industry.
The government unveiled the initiative as part of Vision 2040, a strategic plan aimed at developing cutting-edge technologies for ships, including full autopilot capabilities and carbon-free engines, according to the Ministry of Trade, Industry and Energy.
“If the government and the private sector work together to achieve an overwhelming technological advancement under Vision 2040, South Korea will be able to maintain its lead in the shipbuilding industry,” First Vice Industry Minister Kang Kyung-sung said.
The latest vision came amid concerns that, despite holding the world’s leading shipbuilding capacity, the domestic industry depends heavily on key technologies as well as related equipment.
To address such concerns, the government has pledged to transform South Korea into a marine engineering powerhouse by utilizing an automated production system, shifting away from its previously labor-intensive structure.
South Korea also designated 10 flagship projects harnessing advanced technologies, such as the development of liquefied carbon dioxide carriers, and a carbon capture and storage system for ships.
The projects also include securing a full autonomous system, which is defined by the International Maritime Organization as the capability to “make decisions and determine actions by itself,” the ministry added.
(Yonhap)
