The European Union unveiled new rules for assessing aid to the bloc's shipbuilding sector on Wednesday, hailing the reform as intended to help foster innovation in an industry facing tough global competition, according to a Reuters report. The new rules will go into force from Jan 1 next year and extends the scope of current regulations to inland waterway vessels
, floating and moving offshore structures while refining rules on innovation aid.
Rules on export credits and regional aid remain unchanged under the new regime, which will apply for two years. After that, provisions will be integrated into future versions of regulations on state aid
for innovation and regional aid.
Europe's shipbuilding sector includes over 300 shipyards with a combined turnover of 30 billion euros a year and employing some 500,000, according to the CESA industry body's website. (Source: Reuters)