South Korea Designates Several Areas as Industrial Crisis Zones

Image Courtesy: HHI

South Korean government has designated several areas in the country as industrial crisis response zones in an effort to support the ailing shipbuilding industry.

The areas in question are Ulsan, Geoje, Jinhae, Tongyoung, Goseong, Yeongam, Mokpo and Haenam according to a statement issued by the Ministry of Trade, Industry and Energy.

Due to the delayed recovery of the shipbuilding market, shipbuilders in these areas have been facing economic difficulties. As a result, they have implemented various restructuring measures including massive layoffs.

With the recent move, South Korea aims to support local workers through government subsidies and job training.

In addition, the government will provide tax exemptions and financial incentives for small business owners and suppliers of the shipbuilders in the abovementioned areas.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

The Smart Ship Exchange

The Exchange will look at the issues involved with increasing autonomy in shipping with an introduction to the concept…

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >