Korea Okays USD 1.2 Bn Boost for Shipping Support Entity

South Korea flagIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

The government of South Korea has approved a major investment in the recently launched state entity, Korean Ocean Business Corporation.

Namely, the country’s finance ministry on July 24 said that KRW 1.35 trillion (USD 1.2 billion) in-kind investment would be made into the new company through stock contribution.

According to the ministry’s statement, 12.7 percent stakes in South Korea’s four port authorities would be contributed to the Korea Ocean Business Corporation.

Korean Ocean Business Corporation was established earlier in July, nearly one year after the government proposed to set up the agency, in an effort to support the local shipping industry.

The entity would focus on supporting the country’s five-year plan for the reconstruction of its ailing shipping industry with the construction of about 200 ships in the next three years.

The corporation was officially launched in Busan with an initial capital base of KRW 3.1 trillion. Additionally, the country’s government plans to invest KRW 200 billion into the agency.

World Maritime News Staff

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