September 24, 2023

Hyundai Heavy Industries Shipyard Resumes Operations, Welcomed by President Yoon Suk Yeol

GUNSAN, South Korea – President Yoon Suk Yeol visited the Hyundai Heavy Industries shipyard in Gunsan, marking the shipyard’s return to business after a five-year hiatus. The shipyard had been suspended in 2017 due to a global decline in ship orders, but it resumed operations in October last year.

President Yoon attended a sending ceremony for the first block produced since the shipyard’s reopening. The block, a welded steel structure that forms a part of a ship, was set to be shipped to the company’s headquarters in Ulsan.

During the ceremony, President Yoon expressed his commitment to supporting the sustainable growth of the shipbuilding industry. He outlined plans to improve systems to attract workers domestically and internationally. Additionally, his office announced an investment of 140 billion won ($110.8 million) this year in the development of environmentally friendly shipbuilding technology.

President Yoon’s campaign promise to restart the shipyard ahead of schedule was fulfilled, demonstrating his dedication to revitalizing the shipbuilding sector. He also highlighted the success of South Korean shipbuilders, who secured 37 percent of global shipbuilding orders in the previous year, the highest share since 2018.

The reopening of the Hyundai Heavy Industries shipyard is a positive development for the shipbuilding industry and contributes to the overall growth and competitiveness of South Korea’s maritime sector.

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