South Korea is preparing to begin pilot operations on Arctic shipping routes next year, according to Oceans and Fisheries Minister Chun Jae-soo. The government plans to create a dedicated task force this year to develop a long-term strategy for these routes, which could offer shorter and more efficient trade passages between Asia and Europe. The minister emphasized the need for South Korea to prepare thoroughly to compete with other nations like the United States, Russia, and China, who are already investing heavily in Arctic capabilities.
Arctic Shipping and International Competition
Minister Chun Jae-soo highlighted the growing global interest in Arctic shipping routes. He noted that the United States plans to acquire 15 icebreakers, while Russia is investing a significant sum of $28.1 billion by 2035. China has already navigated these routes 35 times and is developing its own “Polar Silk Road” initiative. Chun stressed the urgency for South Korea to act quickly, citing a study that suggests the routes could be navigable year-round as early as 2027.
Busan as a Maritime Hub
In line with President Lee Jae Myung’s plan, the Ministry of Oceans and Fisheries is set to relocate to Busan by the end of the year. This move is intended to establish Busan as a strategic base for South Korea’s maritime industry, especially in preparation for the expansion of northern shipping routes. Chun believes that Busan, as South Korea’s largest port city, will be able to compete with major ports like Shanghai and will have a competitive advantage due to geopolitical factors. The minister also said the government will attract financial institutions and shipping companies, including HMM Co., to Busan to strengthen the city’s competitiveness. This initiative is expected to create a new economic zone across South Korea’s southern region that could rival the size of the Seoul metropolitan area.
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Source: Yonhap News
