Does the Forty Year’s Success Myth of the Korea Shipbuilding Industry Come to an End?

Abstract

Shipbuilding industry, having a great ripple effect on national economy, has been fostered by some countries as the national key industries. Korea also has supported shipbuilding industry as one of the industries politically fostered by the state. Accordingly, the shipbuilding industry of Korea has started to developed since 1970’s, reaching the world’s top position in 2000’s with reference to all the relevant indices.

However, after the global financial crisis in 2008, the shipbuilding industries of Korea focused on offshore plants, resulting in huge deficit and being outranked by China.

In this article, the past growing procedure of Korea’s shipbuilding industry was briefly reviewed, and the future plans for regaining the past glories as the shipbuilding power were sought.