March 3, 2011

South Korea aims to expand fisheries into viable growth sector

South Korea will seek to develop its fisheries sector into a viable growth industry by enhancing marine resources management and expanding its deep-ocean fishing operations, the government said Wednesday (Mar 2).

Unveiling its "2011 new fisheries plan," the Ministry for Food, Agriculture, Forestry and Fisheries said efforts will be made to get fishermen to voluntarily regulate fishing conditions in coastal areas, including the prevention of over-fishing.

Strategic tie-ups will be sought with foreign governments around the world that can allow more South Korean boats to operate in faraway exclusive economic zones (EEZ), the ministry said.

"The goal is to make the fishing sector more competitive overall so it can generate benefits for local fishermen and contribute to economic growth," a ministry official said.

Other measures to be followed this year call for increasing production of fish and crustaceans, such as shrimp, raised on fish farms.

To help better regulate fishing, a database that monitors the undersea environment and fish stocks will be maintained on a permanent basis, the ministry said.

The plan is part of a larger plan announced by Seoul last month that aims to build the sector into a US$5 billion export business by 2020. Fisheries were one of the leading export businesses of South Korea in the 1960s and 1970s, but they have fallen behind other industries.

Their outbound shipments reached US$1.8 billion in 2010.