Martial Arts, '2021 Busan International Shipbuilding & Marine Festival' Held for Four Days from the 9th

[Asia Economy Reporter Jeong Hyunjin] The Korea International Trade Association announced on the 8th that the '2021 Busan International Shipbuilding & Offshore Exhibition' will begin on the 9th at BEXCO in Busan.

The Busan International Shipbuilding & Offshore Exhibition has been held every two years since 2001, marking its 11th edition this year, and has become one of the world's top three specialized exhibitions for shipbuilding, offshore, and defense industries, according to the Trade Association. As the exhibition scale grew, starting this year, only two of the three concurrently held exhibitions?the International Maritime Defense Industry Exhibition (MADEX) and the International Port, Logistics & Marine Environment Industry Exhibition (SEA-PORT)?will be held separately, while the International Shipbuilding & Marine Industry Exhibition (KORMARINE) is scheduled for October.

The four-day exhibition running until the 12th will feature 120 promising domestic and international companies and organizations in the maritime defense industry, including Hanwha Group, LIG Nex1, Hyundai Heavy Industries, Lockheed Martin, General Electric (GE), and Raytheon. Additionally, naval delegations from 27 countries will visit Korea to engage in business consultations and company visits.

During the two-day offset trade consultation starting on the 9th, companies such as Lockheed Martin and General Electric Aviation will participate in consultations both online and offline with domestic companies in fields including combat management systems, combat system equipment maintenance, naval radar components, naval decoys and test systems, and gas turbines for aircraft and ships. Offset trade is a form of transaction where companies purchasing foreign weapons and equipment request counter-benefits such as technology transfer from the selling company or export of domestically produced weapons and parts.

Side events include innovation idea and startup competitions focused on artificial intelligence (AI), autonomous driving, Internet of Things (IoT), and environmental, social, and governance (ESG) technologies applicable to the maritime and defense sectors, seminars on ship technology and weapon systems, and a naval patriotic music concert.

At the opening ceremony, Trade Association Chairman Koo Ja-yeol is expected to say, "Despite the challenging conditions due to the ongoing COVID-19 pandemic, the participation of navies from 27 countries and 120 companies from 7 countries has demonstrated the status of this event as one of the world's top three specialized exhibitions for shipbuilding, offshore, and defense industries," adding, "I hope this year's Marine Week will serve as a turning point to exchange smart innovative technologies, eco-friendly green technologies, and further present the direction and vision of the global maritime defense industry."

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