[THE INVESTOR] The government will place orders for ships ahead of schedule as part of support measures for smaller shipbuilders, Minister of Trade, Industry and Energy Joo Hyung-hwan said on Oct. 6.

The minister said that the orders for 4.2 trillion won (US$ 3.77 billion) worth of ships will be placed ahead of schedule. Ships the government plans to place orders for include ships used by government organizations, and military vessels.

“(The government) will help the shipbuilding industry overcome the difficulties with the 2.4 trillion won fund to create demand for new ships,” Joo said at a meeting with shipbuilding industry officials. 



He added that the industry must execute restructuring measures, and that the government will help companies in reorganizing their business portfolios.

By Choi He-suk (cheesuk@heraldcorp.com)