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Allow foreign majority control of Chinese yards: DSME

Allow foreign majority control of Chinese yards: DSME

Shanghai: Attending the opening ceremony of his firm's block building facility in Yantai over the weekend, Nam Sahng-tae, president of Daewoo Shipbuilding and Marine Engineering urged Beijing to allow foreign majority control of Chinese shipyards.

The $100m block building site in north China follows compatriots Samsung and STX into the China arena, yet central government mandates that foreigners can only own 49% of shipbuilding facilities on the mainland.

"This new plant currently aims to make parts for the building of ships, yet in the long run, it could be transformed into a base for a global shipbuilding complex," the DSME president said.  [18/06/07]