[SEOUL] South Korean Finance Minister Kim Dong-yeon said on Tuesday the government will designate five key shipbuilding centres on the country’s south coast as “industry crisis” zones eligible for economic support.
The areas include Dong-gu in the city of Ulsan, Geoje-si of Kyong-nam province and Jinhae-gu of Changwon, as well as Tongyeong and Mokpo in the southwest coast.
These areas are home to heavy shipping and shipbuilding companies and have struggled with high unemployment in recent years.
A copy of the minister’s speech released from the ministry showed the government would provide financial and tax incentives for suppliers of shipbuilding companies in the designated regions. The government will also provide job training to people made unemployed through recent restructuring to boost their re-hiring or full-time employment prospects.
“Support will be made on product enhancement efforts for shipbuilding and auto industries in the designated regions, and help will also go to developing tourism infrastructure using local attractions,” Mr Kim told other ministers in a policy meeting in Seoul.
