The Ministry of Oceans and Fisheries (Minister CHO Seung Hwan) announced its Digital Maritime Transportation Information Industry Development Strategy, which was established for Korea to leapfrog into a global digital maritime powerhouse, at the Emergency Economic Ministerial Meeting on October 5th (Thursday).

 As advanced leading-edge information and communication technology continues to fuel the rapid digital transformation of ships, digital transformation is recognized as a key driver that will make ships safer, more convenient, and more efficient. The global digital maritime transportation information market is growing at 8% per annum and offers enormous growth potential with an expected market size of roughly KRW 145 trillion by 2027.

 In response, the Korean government has prepared to implement a national policy to support the development of the digital maritime transportation information sector that can foster the growth of big and small companies with strengths in exports while creating an added value worth KRW 6.5 trillion.

 First, the government plans to provide funding for promising digital maritime transportation information start-ups and SMEs by utilizing the New Maritime Industry Fund to promote R&D projects worth KRW 230 billion through 2027, thereby delivering 42 core digital technologies, including intelligent navigation equipment, and 39 commercial services, including carbon emission reduction services for ships.

 In addition, the government will provide support for multinational demonstration projects on international routes and for costs related to acquiring international certifications to secure the international competitiveness of domestic companies, together with the opportunity to enter potential markets in developing economies by leveraging Official Development Assistance (ODA) projects.

 Moreover, the government-centric operations of the Sea Navigation (Bada Navi) service will be provided as an open platform built around a spatial information system to support better utilization of the service by the private sector. The Ministry will also introduce preferential interest rates from policy and private financial institutions to create demand for building digital ships.