Seoul unveils 2 trillion won plan to lead global shipbuilding

South Korea's government on Wednesday announced a three-part strategy to reinforce its dominance in global shipbuilding, committing more than 2 trillion won in public and private investment over the next seven years, according to the Korea Times.

The announcement comes as the United States advances its own maritime action plan and Japan aims to double annual shipbuilding production by 2035 — a rivalry with direct stakes for Southern California's Korean-American business community, whose trade flows through the ports of Long Beach and San Pedro.

The first pillar of the plan targets the development of seven core vessel technologies — including carriers for liquefied natural gas, ammonia and hydrogen, as well as icebreakers — through an investment of 525 billion won, equivalent to roughly $352 million, over five years, the Korea Times reported.

The second strategy centers on building an AI-powered shipyard capable of 24-hour continuous operations. The government plans to co-invest 1 trillion won with the private sector to complete the facility by 2030, according to the Korea Times.

The third element is the development of Level 4 fully autonomous ships, the highest tier of vessel autonomy, with 630 billion won allocated over seven years for that program.

On the diplomatic front, Seoul plans to establish shipbuilding alliances with five countries — the United States, India, Vietnam, the Philippines and Saudi Arabia — and will pursue policies that prioritize domestic orders for state-owned vessels in the resource and energy sectors, the Korea Times said.

The government also said it would introduce financial support measures for smaller shipbuilders and subcontractors struggling to compete in a tightening global market, according to the Korea Times.

The strategy was presented in Ulsan, a southeastern industrial city home to some of the world's largest shipyards, underscoring the government's intent to root national ambition in the industry's existing geographic core.