The South Korean government has pledged to invest KRW3.6trn ($3.1bn) by 2020 to strengthen research for new offshore industries and Arctic shipping sectors, Seatrade Asia online reports.
The ministry of land, transport and maritime affairs established the Korea Institute of Ocean Science & Technology (KIOST) o Wednesday to spearhead the development.
KIOST will lead R&R on offshore/Arctic by focusing on fostering new offshore industry, studying climate change, expanding Arctic and offshore research infrastructures and so forth.
The institute plans to construct a 5,000-tonne advanced offshore research vessel and develop a 6,000-meter deep submarine by 2015 to build up the R&D foundation for deepsea research and exploration.
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