February 16, 2011

South Korea aims for fourth major global fisheries exporter

South Korea aims to become the fourth largest fisheries exporter in the world by 2020 through better marine resources management and creation of large, globally competitive fishing companies, the government said Tuesday (Feb 15).

The Ministry for Food, Agriculture, Forestry and Fisheries said that the country will move to push up exports to US$5.5 billion in the target year from around US$1.8 billion shipped out in 2010. Last year's tally placed the country in 19th place, which is a gain from 25th place reached in 2008 when fisheries exports hit US$1.3 billion.

"The country may be able to make steady gains if it revamps the poor governance structure in many local fishing companies and removes administrative red tape that has hindered new entrants in the industry," it said.

The ministry said efforts will also be made to help create larger-sized companies and better use the latest advances in the information technology and marine biotech sectors.

While there is a widespread perception that South Korea cannot compete globally, many shortcomings can be overcome by creating a more value-added market and tightly controlling excessive fishing operations that can deplete marine resources.

The ministry, in addition, said development of maritime resources can help the growth of biotech and life science industries.

"According to the international Census on Marine Life, South Korea has the most diverse underwater eco-system in the world with 32.3 different marine species living in a 10-square-kilometre area of water within its exclusive economic zone," it said.

This is larger than the 26.9 species found in Chinese waters and 10.1 found in the Gulf of Mexico, the ministry said.