Park Geun-Hye, Korean President held a meeting with business leaders and government officials to discuss how to shore up trade and investment.

During the meeting, Park stressed voluntary restructuring of non-core sectors to three oversupply industries including steel, petrochemistry and shipbuilding through “one shot” business reinvigoration law which will be effective from August 13.

The government promised to pushfully support development of core technologies for future promising items after the business reshuffle.

In shipbuilding sector, the government supports development of ▲LNG-fueled ship ▲eco-friendly technologies for ballast water treatment system(BWTS), emission reduction system and ▲autonomous navigation system such as e-navigation.

Also, the government said, it will ease various restrictions, improve regulations to create markets and establish test beds for early industrialization. In particular, in order to use LNG as ship fuel, related laws will be revised.

The government said it will give benefits to shipbuilding-related companies by lowering cash rate by 30-40%p when they participate in the government-led R&D projects.

In addition, the industry ministry will give support by encouraging cooperation with state-run energy companies so that the shipbuilders can secure track records of their newly developed technologies.