South Korea extends support for crisis-stricken yard cities

The South Korean government extends its support for cities affected by the decline in the country's shipbuilding industry. Revitalization of the economy is being delayed, says the South Korean industry ministry.

Photo: Thorbjørn Hansen

South Korea is ready to extend its financial support for cities hard-hit by the severe downturn in the country's shipbuilding industry in recent years.

The country will extend the particularly favorable conditions for cities like Ulsan and Geoje, where the large shipbuilding groups Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine (DSME) play a crucial role for citizens and local economies, reports news agency Yonhap.

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