South Korea's Ministry of Oceans and Fisheries announced plans on the 16th to develop the southeastern region including Busan, Ulsan, and Gyeongnam into a maritime capital zone, with Minister Hwang Jong-woo presenting the initiative at a presidential briefing. The plan includes establishing a 100 billion won scale-up fund in August and conducting Arctic route trial operations from August to September. The announcement follows the ministry's relocation to Busan in December, which has already attracted four shipping companies including HMM to relocate their headquarters, creating a foundation for integrated maritime services covering shipping finance, vessel inspection, and workforce training.
Ministry Establishes 100 Billion Won Fund for Busan Enterprise Attraction
The Ministry of Oceans and Fisheries will launch large-scale investment for enterprise attraction in Busan during the second half. In August, the ministry will select a site for its new headquarters and establish a 100 billion won scale-up fund. The ministry will form a maritime capital policy council involving the central government, local authorities, and regional business communities. A maritime cluster integrating administration, finance, and education will be developed at the North Port redevelopment site.
The ministry will support southeastern shipbuilding and equipment companies' entry into Southeast Asian offshore plant markets through maritime industry advancement. Busan and Ulsan ports will be reorganized as eco-friendly ports through ultra-large ammonia vessel fuel supply demonstrations and establishment of green shipping route operations.
First-Half Fisheries Exports Reach $1.93 Billion
The ministry reported first-half fisheries exports of $1.93 billion, a 21.4% increase compared to the same period last year. Maritime accident casualties reached 51 deaths and missing persons in the first half, a 28% decrease from last year.
In response to the Middle East crisis, the ministry supported the safe evacuation of 24 out of 26 vessels inside Hormuz and urgently deployed 13 oil tankers to the Red Sea as an alternative route.
Ministry Plans Arctic Route Trial and AI Port Development
The ministry presented 8 priority tasks including Arctic route development, livelihood stabilization, artificial intelligence transformation, and Middle East crisis response in the work report.
From August to September, the ministry will conduct trial operations on the Arctic route connecting Busan and Europe to secure logistics data and establish a foundation for regular express service. The ministry will expand infrastructure at Busan and Ulsan ports and build a comprehensive support system including polar seafarer training.
For future technology acquisition, the ministry will focus on developing physical AI-based smart ports and core technologies for fully unmanned autonomous vessels. For livelihood stabilization, the ministry will deploy a mackerel special envoy, reduce tariff quotas, and release government stockpiles to increase seafood supply and stabilize prices.
Regarding the Middle East crisis, the ministry will assist the safe evacuation of the remaining 2 vessels in the Hormuz Strait and prepare for a second Middle East crisis by establishing an AI maritime supply chain early warning system. The ministry will also expand the national essential fleet.
Minister Hwang stated that the Ministry of Oceans and Fisheries will implement the tasks reported in the second-half work report without disruption to innovate coasts and seas and advance toward becoming a leading maritime nation.
FAQ
What did South Korea's Ministry of Oceans and Fisheries announce on the 16th?
The ministry announced plans to develop the southeastern region including Busan, Ulsan, and Gyeongnam into a maritime capital zone, including establishing a 100 billion won scale-up fund in August and conducting Arctic route trial operations from August to September.
How much did South Korea's fisheries exports reach in the first half?
First-half fisheries exports reached $1.93 billion, representing a 21.4% increase compared to the same period last year, according to the Ministry of Oceans and Fisheries report on the 16th.
