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Daewoo Shipbuilding and Marine Engineering (DSME) and Changwon - a city located in South Gyeongsang Province and the eighth most populated in South Korea - have announced that they have signed a memorandum of understanding (MoU) to share and transfer patented technology.

The deal follows a meeting between DSME and Changwon's Future Strategy Committee in January, when both parties first agreed on a transfer of technology related to liquefied natural gas(LNG)-fuelled ships.

As part of the agreement, DSME will transfer LNG-fuelled ship technology to shipbuilding material suppliers in Changwon and award sales licenses. The company will also help the suppliers to acquire the capacity to produce LNG tanks, and work with the city to jointly develop materials.

The agreement is expected to help boost the competitiveness of shipbuilding material providers in Changwon.

During the MoU signing ceremony, Park Jay-hyun, first vice mayor of Changwon, thanked DSME and asked that the company "provide full support to make this agreement the turning point for joint growth between large and small corporations, and the foundation for improving competitiveness in the regional shipbuilding industry."