Jeollanamdo has been promoting the construction of small- and medium-sized vessels as well as smart and eco-friendly vessels. It has also been creating the ecosystem of higher value-added shipbuilding and marine industries in response to the era of the Fourth Industrial Revolution.
- Situated in Jeollanamdo are for example Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard, two of the world’s largest dockyards, as well as Deahan Heavy Industries, Korea Heavy Industries and Shinan Heavy Industries.
- Foundations for promoting the high value-added shipbuilding/marine industries are being established in the province. For example:
- A marine cable testing and research center and a ship repair service support system are being constructed
- Foundations for technologies to modernize and upgrade leisure vessel parts/equipment and for offshore tests on small vessels are being established
Leisure Boating in Korea
Korea has started a plan to reach 20 % of global marine leisure market share by 2020. In order to do this, the central government has developed a strategy to make Korea a convenient location for the leisure boating industry:
- Abolish special excise tax duties on yachts, etc and improve related taxes, such as easing of local taxes in 2005
- Pushing forward with first stage of marina harbor master plan 2010 2019 and preparing legal basis for development of marina facilities and industrial estates
- Preparation of stimulus plan for marine leisure equipment industry
The results can be seen in the table below:
|Number of yachts and boats||10,500 vessels||25,000 vessels||30,000 vessels|
|Jobs created||2,256 jobs||10,256 jobs||14,256 jobs|
|Value added||US$ 380 million||US$ 1 billion|
(increase: US$ 620 million)
|US$ 1.52 billion|
(increase: US$ 1.14 billion)
Leisure boating in Jeollanamdo
With the longest coastline of all Korea and the most islands, Jeollanamdo is the perfect place for yacht tourism. Therefore, Jeollanamdo builds up on this opportunity by providing industrial complexes for leisure vessel construction and production of specialized components.
Combined all these industrial complexes are home to 73 shipbuilders, 220 marine equipment enterprises and employ almost 30,000 people while making as much as 6,5 billion US dollar in sales.
By further developing and expanding current yacht facilities, there is even more potential in Jeollanamdo.