Tuesday, April 3, 2012

Korea fosters marine equipment

The Export-Import Bank of Korea (Korea Eximbank) signed an agreement on operation of cooperative programs between large and small-to-medium companies with Hyundai Heavy Industries Group - Hyundai HI, Hyundai Mipo Dockyard, Hyundai Samho HI, said Korea Eximbank on March 30.

Shipbuilding industry has boosted economic growth in South Korea, for instance, it ranked the top place of export last year for the first time.

However, localization of marine equipment only stands at 64%, lower than other industries, such as automobiles about 90%, etc. Particularly, localization of offshore plant sector accounts for around 20%.

Therefore, Korea Eximbank and Hyundai Group signed an agreement to increase localization of shipbuilding/offshore plant equipment and raise technical skills and management standard of small-and-medium companies.

Official from Korea Eximbank said, "'Grow Together' of large and small-to-medium companies is essential for Korea's sustainable development. We hope that 'Grow Together' culture would expand into the whole industries."

Published : April 2, 2012

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