The Ministry of Oceans and Fisheries will expand its crisis response fund to 2 trillion won in preparation for the protectionist policies of the Trump administration, which will launch this year. To prevent damage from logistics disruptions caused by protectionism, the ministry will promote diversification of maritime transport networks to Central and South America, the Atlantic, and India. Additionally, it will invest 2 trillion won to create two complex marine leisure tourism cities to boost coastal city tourism and support export vouchers worth 10 billion won for fisheries export corporations.
Minister Kang Do-hyung announced this during the ‘Major Issues Resolution Meeting - Economic Sector 2’ at the Government Seoul Building on the 10th, chaired by Acting President Choi Sang-mok, who is also Minister of Strategy and Finance. The Ministry of Oceans and Fisheries has selected five key areas for this year: ▲Global leading maritime logistics supply chain ▲Support for the livelihood of citizens and fishery workers through the fishing industry ▲Vibrant coastlines and desirable fishing villages ▲Creation of a safe and clean marine environment ▲Securing global maritime leadership.
◇ Establishing a crisis response fund of 2 trillion won… “Response to Trump’s protectionism”
The Ministry of Oceans and Fisheries is focusing on preparing measures against the protectionist policies of the new U.S. government, which will start on the 20th of this month. It is particularly concerned that if the Trump administration announces protectionist measures early in its term, there could be a temporary increase in pushing volumes before full implementation, and so it is devising logistics countermeasures.
The ministry plans to resolve this issue by expanding the fleet of national shipping companies and diversifying maritime transport routes. It will support the establishment of the 'Premier+MSC' shipping cooperation system, which is set to launch in February, and will open a public-private logistics center in New Jersey in August to support the logistics of our corporations. In case of logistics congestion, temporary vessels will be deployed. In this process, support will be prioritized for small and medium-sized enterprises that find it difficult to secure their own logistics networks.
To prepare for worsening shipping market conditions due to protectionist measures, the crisis response fund will also be expanded from 1 trillion won to 2 trillion won. Additionally, the maritime transport network is planned to diversify to include Central and South America, the Atlantic, and India, apart from existing routes.
Improvements to port logistics infrastructure will also be pursued. The government plans to fully commence construction at Busan Port's Jinhae New Port this year, aiming to double handling capacity by 2045. If carried out as planned, Busan Port's Jinhae New Port is expected to grow into the world's largest port based on the number of berths by 2045.
◇ New business development through digital ports, eco-friendly ships, and marine plant recycling
The ministry will seek to uncover new business possibilities in port logistics through advanced digitization, eco-friendly ships, and marine plant recycling. It plans to develop smart port technologies at the Gwangyang Port smart port testbed, which will commence construction in July. It will also conduct preliminary feasibility studies for developing fully autonomous ship technologies while expanding policy finance support to increase the proportion of eco-friendly ships in national ships (currently at 7.8%) to 10%.
The ministry will actively develop new markets for marine plant recycling and dismantling and the utilization of high-manganese steel. It is developing technology to recycle 1,700 marine plant facilities in Southeast Asia. The ministry expects a market size of 10 trillion won in this field within 10 years. It also plans to expand the utilization of high-manganese steel developed by domestic corporations. The ministry noted that this will help save 3.2 trillion won in royalty expenses for eco-friendly ship new materials previously paid overseas.
◇ Allocating 80% of the budget for discounts in the first half to support livelihoods
The Ministry of Oceans and Fisheries plans to allocate 80% of its total discount event budget (100 billion won) in the first half of this year to price stabilization measures. It will operate direct transaction markets for up to 56 basic local governments that were in the blind spot of discount events and strengthen monitoring of supply and demand by item. Additionally, a sophisticated distribution and processing system will be established.
The ministry will also begin new construction to modernize Busan's joint fish market, the largest fishery market in the country, in the first half of the year. In the online wholesale market, it will expand the number of trading items from 60 to 129 and plan to establish and operate 30 fresh seafood direct markets that directly connect production areas with consumers. In Gunsan, North Jeolla Province, and Yeongdeok, North Gyeongsang Province, smart processing complexes that consolidate small seafood processing facilities and companies will be created.
To ensure stable seafood supply amid climate change, the ministry will pursue various policies. From this year, it will manage 60% of the total allowable catch (TAC) of all nearshore catches and expand the scale of vessel scrapping to 425. A review system for aquaculture license assessments will also be conducted. Areas frequently affected by high temperatures will be designated as climate change restoration zones, and a system will be introduced to relocate aquaculture sites.
◇ Setting a goal to reset the highest export figures ever... Supporting export vouchers worth 10 billion won
The Ministry of Oceans and Fisheries aims to reset the highest seafood export value ever (3.15 billion dollars) this year, implementing tailored export strategies. Last year's exports of seaweed increased by 25% compared to the previous year, but exports of tuna, oysters, and abalone dropped by about 5% each, keeping total seafood exports around 3 billion dollars. This year, the ministry establishes tailored export strategies targeting 1 billion dollars for seaweed, 600 million dollars for tuna, and 100 million dollars each for oysters and abalone. For seaweed, it plans to allow for the transition of existing aquaculture farms to offshore production to expand the production base.
The ministry will also support the exports of seafood corporations by providing export vouchers worth about 10 billion won to 100 companies. Overseas trade support centers, which have been concentrated in the Chinese-speaking markets, will be expanded to the Middle East and South America, and support will be given for entry into large overseas distribution networks. Additionally, it will promote Hallyu marketing and product development tailored to local tastes.
◇ “Creating desirable fishing villages”... Investment in complex marine leisure tourism cities
The Ministry of Oceans and Fisheries will invest about 2 trillion won in the first half of this year to start the complex marine leisure tourism city project. Alongside this, it will explore new tourism content such as cruises, marine ecological parks, lighthouses, and mudflats. Continuous promotion of the redevelopment projects at Busan Port's North Port and Incheon Port's inner harbor Berths 1 and 8 will take place, and 26 locations will be selected as beneficiaries for the revitalization of fishing villages. It will also create a ‘fishing village development special area’ that allows the entry of revenue-generating facilities such as restaurants and shopping malls within port areas.
To prevent the disappearance of fishing villages, the ministry will increase youth job opportunities and improve medical services. It will establish three youth sea villages (totaling 90 dwellings) linked to housing complexes and jobs, helping young individuals utilize idle village fishing grounds. A system will also be enacted to lease 25 fishing vessels and 20 aquaculture sites to the youth. Remote medical services will be provided to 200 islands, and a ferry reservation service through a mobile app will also commence.
Additionally, the ministry is pursuing the establishment of a safety management system in preparation for marine accidents, marine waste blocking projects, and enhanced management of maritime territories including Dokdo. Minister Kang Do-hyung stated, “This year, the marine and fisheries sector faces various issues such as the restructuring of logistics supply chains due to intensified protectionism and unstable seafood supply due to climate change. We will proactively address uncertainties and crises while adding vitality to the economy.”