Germany Pumps In Millions To Keep Asian-owned Shipbuilder Afloat
Sumaira FH 9 days ago Fri 04th June 2021 | 12:40 AM
Berlin, June 3 (UrduPoint / Pakistan Point News - 4th Jun, 2021 ) :Germany agreed Thursday to pump in 300 million Euros to keep MV Werften afloat, after the pandemic knocked off kilter the shipbuilding subsidiary of Asian tourism and casino giant Genting.
MV Werften's three shipyards along the Baltic coast of former eastern state Mecklenburg-Western Pomerania had been forced to reduce the working hours of most of its 3,000 workers since the coronavirus crisis erupted more than a year ago.
"This is an important decision that will give confidence to workers in the region and in the country as a whole," said Economy Minister Peter Altmaier, stressing the significance of the shipbuilder for the state.
He added that the help would allow the company to fulfill its orders as well as develop further ships.
But the recovery is expected to be uneven for some sectors, in particular tourism, as travel restrictions are still largely in place in many other parts of the world.