South Korea to send USD 60 million to strained shipbuilders

The government in South Korea will increase its support for its strained shipbuilders by USD 60 million. The funds will be earmarked for expanding the yards' presence in, among other sectors, the market for LNG vessels, reports Yonhap.

Photo: /ritzau/AP/Kim Dong-min

South Korea's government will support the country's distressed local shipbuilders with KRW 70 billion, or around USD 61 million, reports news agency Yonhap.

The country's minister for trade, industry and energy announced on Wednesday that the government will help local shipbuilders recover after the downturn that has weighed down the sector.

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