Seoul to spend more on 'struggling' Korean shipyards

© Khunaspix Dreamstime.

South Korea’s government is set to spend $61m to support local shipbuilders as the industry struggles to cover from a global slump in demand. Yonhap reports that the ministry of trade, industry, and energy has earmarked the money to help Korean shipyards in developing environmentally-friendly vessels, including those powered by LNG. This latest injection follows a pledge late last year that will see nearly a quarter-of-a-billion invested in the sector by 2025. Furthermore, it has also promised tax relief for regions worst hit by the decline in shipbuilding.