{"id":2205650,"date":"2024-07-03T08:00:36","date_gmt":"2024-07-02T23:00:36","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205650"},"modified":"2024-07-02T17:59:32","modified_gmt":"2024-07-02T08:59:32","slug":"south-korea-unveils-1-44-billion-plan-to-bolster-smart-clean-shipbuilding-tech","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/07\/south-korea-unveils-1-44-billion-plan-to-bolster-smart-clean-shipbuilding-tech\/","title":{"rendered":"South Korea unveils $1.44 billion plan to bolster smart, clean shipbuilding tech"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea unveiled a <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCL3f49a5a8c\/169270\/view?mno=&amp;pageIndex=1&amp;rowPageC=0&amp;displayAuthor=&amp;searchCategory=0&amp;schClear=on&amp;startDtD=&amp;endDtD=&amp;searchCondition=1&amp;searchKeyword=#\"><span style=\"font-weight: 400;\">$1.44 billion (2 trillion won) plan<\/span><\/a><span style=\"font-weight: 400;\"> to jointly invest with businesses in smart and clean energy technologies for the shipbuilding industry over the next decade. The initiative, part of the \u201cK-Shipbuilding Hyper-Gap Vision 2040\u201d strategy, aims to develop advanced ship technologies such as fully autonomous navigation and zero-carbon engines.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s 2 trillion won investment in smart, clean shipbuilding aims to counter China\u2019s growing dominance, as seen in April when Chinese yards captured <\/span><a href=\"https:\/\/koreajoongangdaily.joins.com\/news\/2024-05-07\/business\/industry\/Koreas-shipbuilders-lag-behind-Chinas-in-April-orders\/2041406\"><span style=\"font-weight: 400;\">76% of global orders<\/span><\/a><span style=\"font-weight: 400;\"> versus South Korea&#8217;s 14%. While South Korea focuses on high-value, eco-friendly and advanced vessels, China\u2019s cost competitiveness and capacity are helping it secure orders across segments, including liquefied natural gas (LNG) carriers and containerships.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s ability to achieve its 2040 goals of 50% unmanned production and fully autonomous ships is uncertain. If China successfully delivers on advanced orders, such as the <\/span><a href=\"https:\/\/pulse.mk.co.kr\/news\/english\/10936696\"><span style=\"font-weight: 400;\">18 methanol-fueled ships<\/span><\/a><span style=\"font-weight: 400;\"> it secured in January, it could further erode South Korea\u2019s market share and technological edge.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To mitigate this risk, South Korea will likely continue to explore collaborations with other countries or international organizations. For instance, in June, South Korea agreed with <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCL3f49a5a8c\/169140\/view?mno=&amp;pageIndex=13&amp;rowPageC=0&amp;displayAuthor=&amp;searchCategory=0&amp;schClear=on&amp;startDtD=&amp;endDtD=&amp;searchCondition=1&amp;searchKeyword=\"><span style=\"font-weight: 400;\">Norway<\/span><\/a><span style=\"font-weight: 400;\"> to boost economic cooperation in clean energy, shipbuilding and eco-friendly and smart vessels. Failing to do so could result in a significant loss of market share and jobs in the long run, making the 2 trillion won investment an uphill battle.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/technology-cyber\/\"><span class=\"tag\">Technology &amp; Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>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 \u201cK-Shipbuilding Hyper-Gap Vision 2040\u201d strategy, aims to develop advanced ship technologies such as fully autonomous navigation and zero-carbon engines. The plan [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2203313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28,29],"class_list":["post-2205650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations","tag-technology-cyber"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea unveils $1.44 billion plan to bolster smart, clean shipbuilding tech - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/07\/south-korea-unveils-1-44-billion-plan-to-bolster-smart-clean-shipbuilding-tech\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea unveils $1.44 billion plan to bolster smart, clean shipbuilding tech - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"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. 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