Four Policy Institutions Including San-eun and Su-eun Sign Memorandum of Understanding on Support for New National Shipping Companies

[Asia Economy Reporter Jin-ho Kim] Four policy institutions, including the Korea Development Bank, the Export-Import Bank of Korea, the Korea Ocean Business Corporation, and the Korea Asset Management Corporation, announced on the 29th that they have signed a "Memorandum of Understanding for the Promotion of the Newbuilding Support Program."

Through the signing of this memorandum, it is expected that the investment burden on domestic shipping companies when ordering new ships will be minimized, thereby promoting the introduction of high-efficiency and eco-friendly vessels.

The Korea Development Bank and the Export-Import Bank of Korea plan to provide financial support to enhance global competitiveness and secure a mid- to long-term growth foundation. They also agreed to assist in strengthening the market dominance of domestic shipbuilders in eco-friendly vessels and in establishing a cooperative model for a virtuous cycle system between shipping and shipbuilding.

A representative from the Korea Development Bank stated, "Policy finance will play a catalytic role in preparing new growth engines for the shipping industry," adding, "We will actively support the domestic shipping industry to secure mid- to long-term competitiveness."

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