The End of BISTEP Forum on Busan Shipbuilding Industry Trump 2.0 Impact and Alternatives...

Busan Institute of Science and Technology Promotion (BISTEP, Director Kim Young-bu) announced on the 26th that it concluded a forum held on the 17th at the La Valse Hotel in Yeongdo under the theme "The Impact of Trump 2.0 on Busan's Shipbuilding Industry and Alternatives."

The forum proceeded with presentations aimed at strengthening the global competitiveness of Busan's shipbuilding industry. First, Senior Research Fellow Lee Sang-yeop of the Busan Research Institute presented an analysis of the major policies of the second Trump administration and their impact on Busan's economy.

Senior Research Fellow Lee Sang-yeop forecasted, "Among Busan's key industries, the automobile, steel, secondary battery, and energy-related sectors may experience somewhat negative effects, but conversely, the machinery and shipbuilding industries are likely to benefit."

Next, Chief Researcher Park Chang-min of the Korea Research Institute of Ships and Ocean Engineering discussed "The Impact of Trump's Election on the Ship Equipment Industry," stating, "Trump's election is unlikely to have a significant impact on the commercial shipping sector, but demand for repair, maintenance, and management in the defense sector may increase, so it is necessary to assess Busan's current situation." He further emphasized, "We must prepare for the entry of the U.S. shipbuilding and equipment market, based on America's strengths such as AI."

BISTEP Senior Researcher Lee Woo-pyung introduced "Tasks to Maintain the Competitiveness of Busan's Shipbuilding Industry Centered on Digital Transformation." He stated, "Even in the Trump 2.0 era, the core means to enhance shipbuilding industry competitiveness is ICT technology, so continuous efforts toward digital technology development are important." However, he urged urgent preparation as many small and medium-sized shipbuilding and equipment companies located in Busan are small in scale and lack digital capabilities, which could cause them to fall behind in competition within the national value chain.

Kim Young-bu, Director of BISTEP, which hosted the forum, said, "The shipbuilding industry has been a key manufacturing sector in Busan, playing an important role in creating quality jobs for Busan's economy," and added, "Through this forum, we hope shipbuilding companies will respond proactively to the changing environment."