Singapore (ASMI) and South Korea (KOMEA) signed a Memorandum of Understanding (MOU), paving the way for stronger collaboration in the shipbuilding and offshore sectors across both countries.
he MOU will enable both associations to create stronger business relations, facilitate cross-border collaboration and leverage growth opportunities for their members in the shipbuilding and offshore sectors.
ASMI is a non-profit trade organisation representing corporate members in the business of ship repair, ship conversion, shipbuilding, rig building and offshore engineering in Singapore, while KOMEA is a non-profit trade association that promotes the development of the Korean shipbuilding and marine equipment industry.
The MOU formalises these working relationships and paves the way for greater collaborations among members of both trade associations. It will also open opportunities for local SMEs to expand and pivot towards the international markets
said Alex Choe, Chairman of the Enterprise & Productivity Committee at ASMI.
Specifically, the agreement will enable both associations to leverage shared networks and expertise and work together to develop joint offerings and more comprehensive solutions to asset owners and managers of the global maritime sector.
Explaining the timeliness of the MOU, Mr Choe said that this MOU could create a wider range of greener, and more competitive and sustainable solutions to the maritime sector. This covers repairs, maintenance, modifications, and upgrades of vessels, as well as offshore renewables.
In addition, South Korea’s Ministry of Trade, Industry and Energy has established ambitious goals and strategies to achieve up to 75% of the market share for eco-friendly vessels with zero carbon emissions by 2030, up from 66% today.