Wando-gun Advances Aquaculture Facility Modernization Project

5.1 Billion Won Loan Support, Improvement of Aquaculture Varieties and Securing External Competitiveness

Panoramic view of abalone farm in Nohwa-eup, Wando (Photo by Wando County)

[Asia Economy Honam Reporting Headquarters Reporter Choi Kyung-pil] Wando-gun, Jeollanam-do announced on the 19th that it will promote the modernization project of aquaculture facilities, including the establishment of an eco-friendly aquaculture system and the renovation and repair of advanced automated system facilities.

The aquaculture facility modernization project is being promoted to improve the quality of aquaculture species and modernize fishery aquaculture facilities before the full market opening due to the Free Trade Agreement, aiming to secure external competitiveness and contribute to stabilizing fishermen's income.

Accordingly, from January 14 to January 31, a total of 47 applicants applied through the town and township offices during the 18-day recruitment period for project participants.

Wando-gun announced that on the 4th, after deliberation by the Fisheries Adjustment Committee, a total of 15 project operators were selected, and 6.3 billion KRW (5.1 billion KRW loan, 1.2 billion KRW self-payment) will be supported for this year's aquaculture facility modernization project.

The support conditions are an annual interest rate of 1%, a 3-year grace period, and a 7-year equal installment repayment plan. After project completion, loan execution is possible through a review and execution by the local fisheries cooperative.

A Wando-gun official said, "We hope that the modernization project will expand the production infrastructure of fisheries and improve the fishing ground environment, contributing to increasing fishermen's income."

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