Korea plans investment in marine technology

South Korea plans to invest $3.4 billion over the next 10 years to nurture the nation’s marine technology, the government said recently. A total of $3 to $4 billion will be spent each year until 2015 on 47 key areas to narrow Korea’s technology gap with more advanced countries to less than three years from the current seven years, the Ministry of Maritime Affairs and Fisheries said.

About 30% of the planned investment, or just under $1 billion, will be made in seven key areas, including maritime logistics. Technologies will also be studied to create a maritime industrial park, generate energy by using wind and waves and manage a marine ecosystem to minimize pollution.