The Korean government is readying another package of measures to support the nation’s shipbuilding industry, one of the key pillars of the economy.
Seoul has allocated KRW180bn ($135m) to help with shipbuilding R&D, as well as expanding refund guarantees and easing immigration rules to allow more foreign workers to come and help complete the busy orderbooks most local yards currently enjoy.
After more than a decade’s slump, the local shipbuilding workforce has been decimated with projections that it is currently around 10,000 short of what is required hence the urgent change in immigration rules to allow overseas workers in.
Korea’s major yards have orderbooks stretching through to the end of 2026, made up primarily of containerships and LNG carriers.
