Korea has launched a public-private alliance to strengthen cooperation between the shipbuilding and shipping industries and boost global competitiveness, reports Korea's Yonhap agency.

The alliance, called the World-class Alliance for Vessels Production & Ecosystem, was unveiled on Tuesday by the Ministries of Trade, Industry and Resources and Oceans and Fisheries. It brings together officials from the ministries and major companies including HD Hyundai, Hanwha Group, HMM, and Pan Ocean.

The initiative aims to develop advanced technologies, expand flag carrier production, secure orders for domestic shipbuilders, and build a mutually beneficial ecosystem to support regional economies.

At the launch ceremony, three major shipbuilders, Korea Gas, and the Korea Shipowners' Association signed an agreement to develop a stable LNG transportation system to safeguard Korea's supply chains amid global uncertainty.

The ministries also pledged to cooperate on balanced maritime growth and support Korea's planned investment in the US shipbuilding sector under a bilateral tariff agreement. They are already collaborating on autonomous vessel development and plan to begin work this year on an artificial intelligence model for such ships.