"World's First Liquefied Hydrogen Carrier Developed"... K-Shipbuilding Invests 9 Trillion Won Over 5 Years

Launch of K-Joseon Next-Generation Initiative
Securing Ultra-Competitive Edge in Eco-Friendly and Autonomous Ships

Minister Andeok Geun of the Ministry of Trade, Industry and Energy presided over the "K-Shipbuilding Next-Generation Initiative 1st Meeting" on the afternoon of the 5th at the EC Room of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. The meeting was attended by representatives from medium and large shipbuilding companies and related organizations, including Kim Seongjun, CEO of HD Hyundai Heavy Industries; Kwon Hyukwoong, CEO of Hanwha Ocean; Yoo Sangchul, CEO of HJ Heavy Industries; Bae Jinhan, Vice President of Samsung Heavy Industries; Kwon Mincheol, CEO of Daesun Shipbuilding; Seo Yongseok, President of the Small and Medium Shipbuilding Research Institute; Kim Myeonghyeon, President of the Korean Society of Naval Architects and Ocean Engineers; and Bae Jeongcheol, President of the Ship and Offshore Equipment Research Institute. They signed the "Joint Response Agreement to Secure K-Shipbuilding's Super-Gap Competitiveness." Photo by Ministry of Trade, Industry and Energy

Domestic top three shipbuilders and the government will invest 9 trillion won over the next five years to secure breakthrough technologies. To this end, they will establish the 'Shipbuilding Industry Breakthrough Research and Development (R&D) Roadmap' within the first half of this year and initiate the world's first liquefied hydrogen carrier development project.

On the afternoon of the 5th, the Ministry of Trade, Industry and Energy held the first meeting of the 'K-Shipbuilding Next Generation Initiative' at the Korea Chamber of Commerce and Industry, attended by Minister An Deok-geun, and announced the 'Joint Response Agreement for Securing K-Shipbuilding Breakthrough Competitiveness' containing these details.

The K-Shipbuilding Next Generation Initiative is a government and public-private cooperation platform for transitioning to a future-oriented shipbuilding industry. At this first meeting, the government and the top three shipbuilders (HD Hyundai Heavy Industries, Samsung Heavy Industries, Hanwha Ocean) and the Korea Offshore & Shipbuilding Association signed the ‘Joint Response Agreement for Securing K-Shipbuilding Breakthrough Competitiveness.’

Through the agreement, the government and the top three shipbuilders agreed to invest 9 trillion won over the next five years in eco-friendly ships, autonomous vessels, digital transformation, and more to secure breakthrough technologies. Also, from a mid- to long-term perspective, the public and private sectors will jointly establish the 'Shipbuilding Industry Breakthrough R&D Roadmap' within the first half of the year, and based on this, will promote the world's first 2030 liquefied hydrogen carrier development and lead international standards for autonomous vessels.

A 'Shipbuilding Technology Cooperation Task Force' will also be formed within the Korea Offshore & Shipbuilding Association.

Minister Andeok Geun of the Ministry of Trade, Industry and Energy is presiding over the "K-Shipbuilding Next Generation Initiative 1st Meeting" on the 5th at the EC Room of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Ministry of Trade, Industry and Energy

To prevent production disruptions due to labor shortages, the government plans to build a system that can forecast labor supply and demand in the mid to long term and nurture 2,000 domestic shipbuilding specialized production workers annually through the 'Future Innovation Talent Development Center' and 'Job Seeker Linked Employment Education Project.'

The industry will also jointly pilot operate an Overseas Shipbuilding Workforce Cooperation Center within the first half of the year to establish a sustainable overseas workforce introduction system by training overseas workers locally before bringing them in.

At this meeting, the government shared the 2024 implementation plan of the K-Shipbuilding Next Generation Leading Strategy announced last November with the industry. The government will set up an investment difficulty desk and an on-site difficulty desk at the Shipbuilding Association and five regions nationwide, respectively. In particular, for on-site difficulties, Ministry of Trade, Industry and Energy officials will be designated as dedicated officers for each company.

Minister An Deok-geun said, "The shipbuilding industry's role is very important in achieving $700 billion in exports this year," and urged, "The next 10 years will determine the next 100 years of the shipbuilding industry, so please join forces for the great transformation of the shipbuilding industry."