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Korea, Inc is rallying to ensure it ensure it has global shipbuilding champions for further generations. Korea Investment Corp (KIC), South Korea’s sovereign wealth fund, has signed a deal with Hyundai Heavy Industries (HHI), the country’s top shipbuilding group, to jointly invest KRW1trn ($900m) in mergers and acquisitions of global companies in areas including artificial intelligence, autonomous ships and hydrogen fuel cells.
HHI is closing in on completing a merger with Daewoo Shipbuilding & Marine Engineering (DSME) and is leading research and development into many of the next generation of ships. It faces stiff competition from China, where Beijing has merged its two state-run shipbuilding groups to create a behemoth with a similar scale to HHI.
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