If a shipping company that transferred to the Busan-Ulsan-South Gyeongsang marine capital area builds a new eco-friendly ship, the government will support the expense. The government will also support the construction of icebreakers for sailing the Arctic route. The size of fishing vessels will also be adjusted in line with the new fisheries management system. By creating a coastal fishing vessel modernization fund, the government will sharply reduce aging vessels and support newbuilds.
The Ministry of Oceans and Fisheries on the 1st released the 2027 budget proposal with these details. According to the Ministry of Oceans and Fisheries (MOF), next year's budget is 8.2636 trillion won, up 10.8% from this year's 7.4583 trillion won. The growth rate of next year's budget is the highest since the ministry was reestablished in 2013.
Most of the increased budget will be invested in fostering the marine capital area, transitioning the fisheries management system, and accelerating the artificial intelligence grand transition (AX) in the marine and fisheries sector. Specifically, 3.9 trillion won for the fisheries and fishing villages institutional sector (+11.5% from this year), 2 trillion won for shipping and ports (+2.7%), 1.2 trillion won for logistics and other areas (such as the marine industry) (+10.0%), 500 billion won for the marine environment (+15.6%), and 900 billion won for R&D (+7.8%) were allocated. Vice Minister Nam Jae-heon of the Ministry of Oceans and Fisheries (MOF) said at a briefing that the budget "prudently reflects funding for the full-fledged fostering of the marine capital area, innovation in the structure of the fisheries industry and the revitalization of fishing villages, and new marine industries that grow together with a clean sea."
First, regarding the fostering of the marine capital area, the government created a preferential policy for shipping companies that transfer to the provinces. It newly allocated 12.1 billion won to support the construction of eco-friendly ships for companies that transfer to the provinces. This is a method in which the central government supports part of the expense incurred when building a ship.
It also newly allocated 18.4 billion won to support preparations for pilot operations on the Arctic route, collect related data, and strengthen international cooperation. The government will also push projects to prepare for entry into the Arctic route over the long term, such as supporting construction of polar-operating vessels like icebreakers and ice-strengthened ships, and developing technology for icebreaking container ships.
It will also strengthen the global competitiveness of the shipping and port industry. To lead the autonomous ship market, it created a new budget of 2.9 billion won to distribute autonomous navigation systems to Korean-flagged ships. The budget for developing full autonomous navigation technology (lv4) was also sharply increased from 6.3 billion won this year to 15.7 billion won next year.
Regarding enhancing the competitiveness of the fisheries industry, the government will create a 394 billion won coastal fishing vessel modernization fund to focus on reducing vessels. If a new ship is built after scrapping, the government also plans to support the construction expense.
With a goal of achieving $4 billion in seafood exports in 2028, the government will also expand export support. To expand exports of gim, which is so high in added value that it is called the "semiconductor of the sea," it will designate K-GIM leading zones and build offshore smart farms and onshore leased farms. The K-GIM leading zones will be selected later through a regional open call.
It also created a new 24.2 billion won budget to stockpile dried gim. An official at the Ministry of Oceans and Fisheries (MOF) said, "We plan to stockpile 450 tons, equivalent to 1% of total production, to ease the price burden of gim, which has become a staple side dish." The amount of dried gim the government plans to stockpile is enough for 10 to 15 days based on domestic consumption.
It also newly allocated 9.6 billion won for the public operation system of coastal passenger ships, which will take effect next year, to strengthen the guarantee of transportation rights for island residents.
It will also expand investment in future growth marine new industries. As part of the national normalization project, it will invest 5.7 billion won to build a GIS-based public water surface management system for "illegal occupation and use management of public waters." It also created a new 2.1 billion won budget for the project to remove illegal fishing gear.
The budget to respond to illegal operations by Chinese fishing vessels was increased more than fivefold from this year. The Ministry of Oceans and Fisheries (MOF) said it plans to invest 15.8 billion won to firmly respond to illegal fishing by replacing aging enforcement equipment for illegal fishing vessels, such as fast boats and communications facilities.
Minister Hwang Jong-u of the Ministry of Oceans and Fisheries (MOF) said, "Next year's budget shifts the growth paradigm of the marine and fisheries sector by fostering the marine capital area and innovating the structure of the fisheries industry, and it focuses investment on projects where the public can feel the results of government affairs," adding, "The Ministry of Oceans and Fisheries will support the grand transition and great leap of our economy."