South Korea unveiled a $1.44 billion (2 trillion won) plan to jointly invest with businesses in smart and clean energy technologies for the shipbuilding industry over the next decade. The initiative, part of the “K-Shipbuilding Hyper-Gap Vision 2040” strategy, aims to develop advanced ship technologies such as fully autonomous navigation and zero-carbon engines.

The plan seeks to transform South Korea into a marine engineering powerhouse by adopting automated production systems and reducing overseas dependence on key technologies and equipment. It designated 10 flagship projects, including developing liquefied carbon dioxide carriers, onboard carbon capture and storage systems and securing a fully autonomous navigation capability as defined by the International Maritime Organization.