Korea to Achieve 70 Trillion Won in Advanced Marine Mobility by 2027... Leading New Maritime Power

Emergency Economic Ministers' Meeting and Export Investment Measures Meeting

The government plans to expand the market share of advanced marine mobility to 12% by 2027 to realize a new maritime powerhouse by 2050. During the same period, it will strengthen international shipping carbon reduction by 30% and develop autonomous ship technology that can operate without crew onboard.

[Image source=Yonhap News]

On the 27th, the Ministry of Oceans and Fisheries announced the "Advanced Marine Mobility Promotion Strategy" at the 'Emergency Economic Ministers' Meeting and Export Investment Measures Meeting' held at the Seoul Government Complex. The government forecasts that the global maritime sector is rapidly advancing in areas such as environmental regulation-driven greening, autonomous ship development, and ultra-high-speed maritime communication networks, with the advanced marine mobility market expected to grow at an average annual rate of 12%, reaching 583 trillion won by 2027.

Accordingly, the government plans to expand the current 1% (5 trillion won) market share of advanced marine mobility to 71 trillion won (12%) by 2027. First, for fossil fuel ships, subsidies ranging from 7-10% of the ship price for ocean-going vessels, depending on inspection results, and 10-30% of the construction price for coastal vessels will be provided for new construction, equipment installation, and standard design models to transition to eco-friendly ships. Additionally, infrastructure for land and sea demonstration will be established by 2025, and research and development (R&D) on low-carbon (liquefied natural gas, methanol, etc.) and zero-carbon (hydrogen, ammonia) technologies will be pursued until 2031. Related regulations, such as ship facility standards and crew service standards, will also be reasonably adjusted.

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To ensure the reliability of core technologies for autonomous ships, performance verification centers and land-sea pilot operations and demonstration voyages using ships will be conducted. For this purpose, an 1800TEU-class (1 TEU equals one 20-foot container) container ship will be constructed by the first half of next year, followed by maritime demonstrations in the second half. To support the operation of autonomous ships, related regulations will be relaxed, and the development of a land-based control simulator for port linkage of developed technologies will be completed by 2025.

To ensure the stable operation of advanced marine mobility such as ships, technology will be developed to correct and provide satellite navigation system (GPS) positioning errors from the current over 10 meters to within 5 centimeters. Regulatory easing will also be promoted, such as exempting ships equipped with SeaNavi terminals from the obligation to install other navigation equipment, allowing more ships to use the SeaNavi service.

Related industries will also be fostered. To prepare for increased use of future fuels, international standardization will be actively pursued from next year for storage tanks for liquefied ammonia (-33℃) applying domestic new materials (high manganese steel). To accelerate the commercialization of domestic new technologies (equipment, materials) related to advanced marine mobility, a private-sector-led technology verification system will be introduced by next year. To help companies explore and enter overseas markets, opportunities to enter source countries will be provided through support for export consultations, overseas promotions, and other local activities abroad. To develop technology at the level of advanced countries and secure international standardization leadership, the establishment of international research hubs and training of specialized personnel will also be promoted. From next year to 2028, programs for personnel exchange and training will be developed and operated to train about 20 specialized personnel.

Cho Seung-hwan, Minister of Oceans and Fisheries, said, "We will faithfully implement the advanced marine mobility promotion strategy together with related ministries to invigorate the Korean economy and secure new export growth engines."

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