The new oceans minister Chun Jae-soo (Yonhap)
The new oceans minister Chun Jae-soo (Yonhap)

The new oceans minister vowed Thursday to transform the southeastern city of Busan into the forefront of South Korea's maritime industry in the envisioned era of Arctic shipping routes.

"With the relocation of the Ministry of Oceans and Fisheries to Busan, the government will bring together administrative, industrial and financial functions in the city to open a new frontier in maritime and fisheries while laying the foundation for a new leap forward of the sectors," Oceans Minister Chun Jae-soo said in his inaugural address.

"The ministry's relocation to Busan will mark a turning point in our national strategy to equip South Korea with a new growth engine based on the ocean economy," he added.

Chun said Busan, Korea's largest port city located about 325 kilometers southeast of Seoul, will serve as the strategic base of the country's maritime industry in light of the anticipated expansion of Arctic shipping routes.

Arctic shipping routes refer to maritime passages through the Arctic Ocean that could potentially offer shorter and more efficient trade routes between Asia and Europe.

The relocation plan was one of President Lee Jae Myung's key election campaign pledges aimed at developing Busan into a leading global maritime hub and dispersing the excessive concentration of economic assets in Seoul. (Yonhap)