Jeonnam Province Launches Full-Scale Modernization of Coastal Passenger and Cargo Ships

[Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Jeonnam Province (Governor Kim Young-rok) has actively embarked on modernizing coastal passenger and cargo vessels within the province in connection with the government’s ‘Coastal Passenger and Cargo Ship Modernization Program.’

According to Jeonnam Province on the 5th, the ‘Coastal Passenger and Cargo Ship Modernization Program’ is a government initiative that has secured 800 billion KRW in funds to support ship modernization through guarantees and funding to replace aging coastal passenger and cargo vessels. This was announced at the government’s ‘2020 2nd Economic Vitality Measures Meeting (Economic Ministers’ Meeting)’ held that day.

The program aims to promote safety for coastal passenger and cargo vessels by supporting orders from shipping companies operating coastal passenger ships and to secure work opportunities for small and medium shipbuilders.

Immediately after the plan was announced, the government, including Deputy Prime Minister for Economy Hong Nam-ki, Jeonnam Governor Kim Young-rok, the Minister of Oceans and Fisheries, the Chairman of the Financial Services Commission, the President of the Korea Development Bank, and the President of the Korea Ocean Business Corporation, visited Mokpo Coastal Passenger Terminal to hold a meeting between shipping and shipbuilding companies and signed MOUs with related organizations such as shipbuilding and shipping companies.

Deputy Prime Minister Hong Nam-ki also inspected high-speed vessels (New Dolphin) and car ferries (Joyang Ferry) that require replacement.

Deputy Prime Minister Hong said, “The government will make every effort to revitalize the shipping and shipbuilding industries and overcome the crisis, including support for domestic ship modernization,” adding, “We will focus administrative capabilities on promoting employment and supporting livelihood stability for job seekers by attending the Mokpo Employment Welfare Center field meeting.”

Jeonnam Governor Kim Young-rok stated, “We will actively respond to prevent the spread of the coronavirus and minimize the ripple effects on the local economy, and we will do our best to revitalize the local economy through the Coastal Passenger and Cargo Ship Modernization Program.”

This content was produced with the assistance of AI translation services.