BUSINESS

Fishing industry to be revamped with jobs, resources management

By Yonhap
  • Published : Feb 13, 2019 - 14:58
  • Updated : Feb 13, 2019 - 14:58

South Korea will aim to create some 40,000 new jobs in the fisheries industry and switch focus from production to resources management in a reform plan to be completed by 2030, the government said Wednesday.

Finalized at an economy-related ministerial meeting, the plan introduces the notion of total allowable catch to better manage fishery resources in coastal waters. The goal is to recover the resources by 5.03 million tons. By 2022, the government will designate the categories of fish for TAC.


(Yonhap)

Industry reform will also include creating 40,000 new jobs, officials at the Ministry of Oceans and Fisheries said.

Total sales in fisheries will be raised from 67 trillion won ($59.76 billion) in 2016 to 100 trillion won by 2030, and annual income for fishermen will increase from 49 million won in 2017 to 80 million won by the targeted year.

For fish farms, the government will induce eco-friendly, high-value "smart" farms, according to the officials. The "Tuna Fund" will be launched within the first half of this year to attract investment in breeding tuna.

The government will select 100 leading companies to bolster fisheries exports to $3.4 billion by 2030.

"The aim is to reform and find new paths for the fisheries industry that has come under difficulties from reduced resources and the number of fishermen and the fishing population getting old," the ministry said. "We have been preparing a comprehensive mid- to long-term innovation road map since the latter half of last year with field specialists and organizations." (Yonhap)



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