October 6, 2021

 

South Korean conglomerates partner to expedite localisation of salmon farming techniques


 

South Korean conglomerates will team up with small and medium-sized aquafarms through a ₩178.1 billion (US$150 million) state project to boost the localisation of salmon aqua farming techniques in South Korea.

 

The country's maritime ministry will build three aquaculture facilities and a fish disease prevention laboratory to demonstrate the production and boost the domestic Atlantic salmon market to about ₩420 billion (US$352.4 million).

 

Data released by the Ministry of Oceans and Fisheries showed that the global salmon market stands at about ₩60 trillion (US$51 billion), weighing 4.8 million tonnes per year. About 80% of them are produced through foreign aqua farms.

 

The world's annual production of Atlantic salmon amounts to up to 2.6 million tonnes and some 80% is produced in Norway and Chile.

 

South Korea imports more than 40,000 tonnes of Atlantic salmon every year. The country's environmental ministry has not approved the operation of salmon aqua farms as foreign fish species may spread parasites and infectious diseases to local fish and other aquatic living organisms.

 

The ocean ministry said in a statement on October 5 that the ministry will build three aquaculture facilities by 2024 to produce some 5,000 tonnes of Atlantic salmon annually by collaborating with private sectors.

 

Through an investment of ₩22.6 billion (US$19 million) by 2024, the ministry will also establish a salmon disease center to research diseases and genetic information of salmon. The ministry will also invest ₩35.5 billion (US$30 million) in digital genetic analysis technology research by 2028 to produce commercially available salmon breeds.

 

According to the ministry, South Korea will be able to produce about 40,000 tonnes of salmon by 2027. The domestically produced fish will be exported to other Asian countries such as China and Japan in 2029.

 

"We expect to create a domestic Atlantic salmon market worth about ₩420 billion through the cooperation between conglomerates and small and medium-sized aqua farms," South Korea's maritime ministry official Kim Joon-seok was quoted as saying.

 

The ministry said that about 1,645 new jobs will be created through the salmon aqua farm project.

 

- Aju Business Daily