South Korea’s Ministry of Oceans and Fisheries is substantially increasing its 2025 budget to US $5.2 billion, an 8.4% rise, with a strong focus on developing Arctic shipping routes and fostering new growth engines for the maritime industry. The strategy aims to position the city of Busan as a major hub for this new era of global trade.
Arctic Shipping Initiatives
A significant portion of the budget is dedicated to a new era of Arctic shipping. The ministry will invest ₩1.66 trillion to expand and enhance port infrastructure in the southeastern region, specifically to prepare for the anticipated growth of northern shipping routes. The government plans to invest ₩549 billion into the Arctic shipping initiative itself, which includes the development of new icebreakers by 2029. This effort is aimed at establishing South Korea’s presence in a strategically important and increasingly navigable region. The ministry is also slated to relocate its headquarters to Busan, a key part of this strategy to center the country’s maritime industry in the region.
Key Investments and Goals
In addition to the Arctic initiatives, the budget allocates funds to other critical areas:
- Port Relocation: Approximately ₩30 billion will be used for the planned relocation of the ministry to Busan from Sejong, a move intended to consolidate the nation’s maritime leadership in the port city.
- Fisheries Sector: The ministry has earmarked ₩957.6 billion for the fisheries sector. This funding will support initiatives such as smart aqua farming and will help to promote the export of South Korean fisheries products.
- Illegal Fishing: A separate allocation of ₩112.2 billion will be spent on measures to combat illegal fishing by Chinese vessels, addressing a persistent challenge for the country’s fishing industry.
The budget reflects a strategic and forward-looking vision to diversify South Korea’s maritime capabilities, capitalize on new trade routes, and support its traditional maritime and fisheries sectors.
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Source: Yonhap News Agency
