South Korea to invest US$6.2 billion on fisheries development

 

 

In a bid to make the country the world's 10th largest fisheries producer by 2014, South Korea plans to allocate KRW7.09 trillion (US$6.24 billion) in investment funds and loans to the local fisheries industry.

 

According to the Ministry for Food, Agriculture, Forestry and Fisheries (MFAFF), the total fisheries production is projected to reach 3.70 million tonnes in the target year, up from 3.36 million tonnes in 2008.

 

Under the plan, the country also aims to raise its fisheries exports to US$2.50 billion from the US$1.45 billion reported for 2008.

 

The plan also calls for the government to create 7,000 hectares of underwater kelp forests around the Korean Peninsula to make better habitats for aquatic life and build 50 new so-called sea ranches, MFAFF vice minister Ha Young-je said.

 

Both the kelp forests and sea ranches are expected to increase hauls while cutting back on costs for fishermen. These artificial environments can also help absorb greenhouse gases cited for triggering global warming, according to the ministry.

 

To reduce the environmental impact, 30% of fish farms covering 352 hectares currently located close to shore will be moved farther out, and authorities will issue eco-friendly certifications for 20 types of seafood to help fuel demand by consumers. At present, "green" certifications can only be given to seven types of seafood, including oysters, laver, flounder and hard-shell muscles.

 

The ministry added that the blueprint calls for the signing of new memorandums of understanding with 15 countries worldwide to facilitate fishing operations for South Korean vessels operating in distant waters.

 

The ministry is also weighing other measures, including the launch of 38 new long-range fishing vessels to replace old ships and the extensive use of light-emitting diodes (LEDs) as fish-luring lights on fishing boats.

 

Under the plan, the government also plans to upgrade facilities at 73 fisheries markets around the country as part of its efforts to improve consumer confidence.

 

The latest plan is the third of its kind announced by the Seoul government. The first five-year fisheries strategy was announced in 2000 as the country was compelled to redraw its exclusive economic zones with its neighbours; the second began in 2005 as South Korea started implementing free trade agreements with fisheries-exporting countries such as Chile.