Shipbuilders Make Financial Contributions to International Maritime Developments

The Ministry of Maritime Affairs and Fisheries (MOMAF) said that the Korea Shipbuilders's Association (KOSHIPA), comprising nine major Korean shipbuilders, would subscribe a fund for technical cooperation projects amounting to $100,000, in order to enable developing countries to advance their shipbuilding industries in the International Maritime Organization (IMO) arena. KOSHIPA plans to contribute $50,000 to the fund by the end of this year, and add more $ 50,000 as of early next year. The contributions will be deposited in the IMO/Korea Trust Fund, which was established in June 2003 in accordance with the memorandum of understanding and was designed to assist developing countries to implement the provisions of the international conventions. As Korea’s shipbuilding industries, which reached $15.3 billion in vessel export volume in 2004, make financial contributions to the IMO, one of the UN agencies, it is expected that the positive image for the Korean shipbuilding industries will be transferred naturally to 166 member states of the IMO. Source: Korea Shipper’s Journal