South Korea has launched an ocean business promotion agency on Thursday... to boost the flagging maritime industry.
Part of the Moon Jae-in administration's policy agenda,... the so-called Korea Ocean Business Corporation will try to revive a flagging industry that used to be the backbone of the country's economic growth and job creation.
The industry has been reeling from massive job losses and Hanjin Shipping's bankruptcy in 2016.
The launch comes just a year after the government first proposed the agency.