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South Korea launches new state aid scheme for shipbuilders

According to South Korean media, the country's government will designate five new maritime hubs as industrial zones in crisis.

Photo: Ritzau/AP/Wally Santana

South Korea's government will designate five key hubs for its crisis-stricken shipbuilding sector. According to Finance Minister Kim Dong-yeon, the five hubs will be classified as industrial zones hit by crisis and eligible for state aid, report several Korean media Tuesday, including Yonhap and The Business Times.

The government will provide direct state aid and tax benefits to suppliers to the shipbuilders in the designated zones, located in the southern part of the country, which is home to South Korea's biggest shipyards.

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