SEOUL: The Republic of Korea’s industry ministry said Tuesday it plans to pursue investment projects worth 2 trillion won (US$1.44 billion) over the next ten years with businesses to leverage smart and clean energy technologies in the shipbuilding industry, Yonhap News Agency reported.

According to the Ministry of Trade, Industry, and Energy, the government unveiled the initiative as part of Vision 2040, a strategic plan to develop cutting-edge technologies for ships, including full autopilot capabilities and carbon-free engines.

The government has pledged to transform Korea into a marine engineering powerhouse by utilising an automated production system, shifting away from its previously labour-intensive structure.

It also designated ten flagship projects harnessing advanced technologies, such as developing liquefied carbon dioxide carriers and a carbon capture and storage system for ships. The projects also include securing a fully autonomous system.

Source: Emirates News Agency