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South Korea finance minister says govt to infuse funds to support local shipbuilders

[SEOUL] South Korea's finance minister said on Monday the government planned to support orders of 250 or more vessels by 2020 to help local shipbuilders.

The minister also said in a statement that South Korea would provide policy financing of 6.5 trillion Korean won (S$7.89 billion) in total so that local shipping firms could acquire new vessels that are competitive.

The government announced measures to support local shipbuilding and shipping industries following the collapse of Hanjin Shipping Co Ltd, which applied for court receivership at the end of August.