THE NEXT MARKET FOR YOUR EXPORTS:
STAYING AHEAD OF MARINE TECHNOLOGY OPPORTUNITIES IN SOUTH KOREA!
13 JULY 2022 (WED)
South Korea in recent decades has built a reputation as one of the most advanced and important shipbuilding countries in the world. South Korea has recorded the best year in the global shipbuilding market in 2021, the ship orders totalling at 17.4 million CGT won, which is a 112% increase from 2020’s figures before the start of the pandemic.
South Korea has recently made significant investments in digitalisation and decarbonisation in the maritime sectors of shipbuilding, ports, and offshore energy. The new Korean government stated its policy goal of expanding support for technology development for the future of the shipbuilding industry, as well as promising active support for a faster transition to eco-friendly ships due to stricter environmental regulations imposed by the International Maritime Organization. Hyundai Heavy Industries Group has said that it will invest £13.5 billion over the next five years in R&D initiatives for fuel cells and other future development drivers, as well as in greening and digitising its shipyards.
South Korean shipyards are actively supporting advances in the sectors of decarbonisation, autonomous ships, and smart yards in order to lead global paradigm shifts, and these investments create significant prospects for British companies with innovative technologies.
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The Department for Business & Trade (DIT) helps businesses export, drives inward and outward investment, negotiates market access and trade deals, and champions free trade.
- We are an international economic department, responsible for:
- supporting and encouraging UK businesses to drive sustainable international growth
- ensuring the UK remains a leading destination for international investment and maintaining its number one position for international investment stock in Europe
- opening markets, building a trade framework with new and existing partners which is free and fair
- using trade and investment to underpin the government’s agenda for a Global Britain and its ambitions for prosperity, stability and security worldwide.