Korea Ocean Promotion Corporation and KMI Join Forces for Shipping Industry Policy Development

[Asia Economy Sejong=Reporter Kwon Haeyoung] Korea Maritime Promotion Corporation announced on the 28th that it has signed a memorandum of understanding (MOU) with the Korea Maritime Institute (KMI) to strengthen cooperation in policy development for the advancement of the shipping industry.

Although the business conditions for shipping companies have improved, with the container ship freight index reaching an all-time high due to supply reductions caused by COVID-19, concerns about future market uncertainties are growing. Challenges that the Korean shipping industry must prepare for include strengthened marine environmental regulations, digital transformation led by advanced overseas companies, and the increasing demand for Environmental, Social, and Governance (ESG) management.

Amid these internal and external environmental changes, the two organizations plan to jointly diagnose the current status of the shipping industry and make collaborative efforts to support a progressive future through policy development cooperation in areas such as shipping industry trend analysis, crisis response cooperation, response to international environmental regulations, and digital transformation of the shipping industry. This agreement is expected to combine the expertise of the Korea Maritime Promotion Corporation, which is responsible for financial support to shipping companies, and KMI, a maritime and fisheries policy research institute, to establish more effective support measures for the leap forward of Korea's shipping industry.

Kim Yangsoo, President of Korea Maritime Promotion Corporation, and Kim Jongdeok, President of KMI, stated, "Through this agreement, the two organizations will enhance cooperation and exchange to serve as an opportunity to prepare for the future of the shipping industry by deriving and implementing practical policy tasks."