South Korea will spend 300 billion won ($266.1 million) over the next 10 years to develop technology for low carbon “green” ships in a bid to reclaim its status as the world’s leading shipbuilding country from China.
The Ministry of Knowledge Economy said in a statement on Thursday that two-thirds of the total investment would come from the government and the remainder from the private sector, betting on prospects that the world’s shipbuilding market would turn to energy-efficient, low-carbon vessels.
South Korea is going after China, which won the title of world’s largest shipbuilding nation last year thanks to aggressive financing and price competitiveness.
South Korea’s seven shipyards, led by Hyundai Heavy Industries, have set a 2011 target of $50.9 billion in orders, 35 percent more than total actual orders last year, the ministry added.
