Ulsan Technopark, HD Hyundai Heavy sign MOU to support local shipbuilding firms

Ulsan Technopark and HD Hyundai Heavy signed a memorandum of understanding on June 23 to promote the development of Ulsan's shipbuilding and marine industry and foster co-growth between large companies and small and medium-sized enterprises.

The two parties signed the MOU to help local small and medium-sized enterprises upgrade their production quality and strengthen their technological competitiveness in line with HD Hyundai Heavy's tightened quality standards. HD Hyundai Heavy is one of the world's leading shipbuilders.

Under the agreement, the two institutions plan to pursue three key priorities: sharing policy information and industry trends to strengthen the shipbuilding and marine ecosystem; supporting capability-building for co-growth models and supply chain participation; and providing technology support and joint cooperation for small and medium-sized enterprises. The goal is to establish a sustainable, self-reinforcing co-growth model.

"This agreement will serve as a practical stepping stone for small and medium-sized shipbuilding and marine companies in Ulsan to overcome the technological and financial constraints they face on the ground and build global competitiveness," an official from Ulsan Technopark said.

An HD Hyundai Heavy official said building a solid supply chain with locally based small and medium-sized enterprises with strong technological capabilities is essential to maintaining the company's commanding edge in the shipbuilding and marine industry.