Ministry of Oceans and Fisheries 2021 Budget 6.1628 Trillion Won... Largest Increase Since Reestablishment

National Assembly Review Increases Budget by 18.8 Billion KRW... First Double-Digit Growth Rate Recorded
Fisheries and Fishing Villages 2.6736 trillion KRW
Shipping and Ports 2.1099 trillion KRW
R&D 782.5 billion KRW

Budget trends of the Ministry of Oceans and Fisheries from 2016 to 2021.

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries announced on the 2nd that the total expenditure scale of the 2021 budget (including funds) has been finalized at 61.628 trillion KRW. During the National Assembly review process, the budget was increased by 18.8 billion KRW compared to the government proposal (61.44 trillion KRW). The Ministry of Oceans and Fisheries' budget for next year represents a 10.0% (559.9 billion KRW) increase from the 2020 main budget of 56.029 trillion KRW, marking the highest growth rate since the ministry's reestablishment in 2013.

By sector, the fisheries and fishing villages sector accounts for the largest portion at 26.736 trillion KRW (10.4% increase compared to 2020). This is followed by the shipping and ports sector with 21.099 trillion KRW (11.2% increase), and logistics and other sectors with 9.015 trillion KRW (10.0% increase). The research and development (R&D) budget increased by 13.3% from the 2020 budget (690.6 billion KRW) to 782.5 billion KRW.

During the National Assembly review process, budgets were increased for ▲ strengthening competitiveness in fisheries ▲ enhancing marine safety and welfare ▲ expanding social overhead capital (SOC) for ports and fishing harbors ▲ revitalizing local areas through marine tourism ▲ and strengthening marine environmental management. Specifically, 1.57 billion KRW was added to support installation of processing facilities to enhance the competitiveness of seafood export companies, and an additional 750 million KRW was allocated for the establishment of one more smart aquaculture cluster. A new budget of 350 million KRW was allocated for the design of a new Salt Industry Promotion Research Center to foster the solar salt industry, and 3 billion KRW was increased for support of equipment installation at individual oyster farms.

To strengthen support for safe fishing operations, 1.8 billion KRW was added for the relocation of the Hupo Fishing Vessel Safety Operation Office, and operating expenses for the National Marine Safety Center and the Marine Safety Experience Center were increased by 420 million KRW and 850 million KRW respectively.

To enhance port competitiveness, additional budgets were allocated for redevelopment support of the 3rd reclamation area at Gwangyang Port (3.56 billion KRW), typhoon damage recovery support at Sadong Port in Ulleung (16.5 billion KRW), and expansion of the cargo wharf at Mokpo North Port (1 billion KRW). Budgets for the construction of national fishing ports including Daebyeon Port, Namdang Port, and Gampo Port were increased by 10.22 billion KRW.

Additionally, 1 billion KRW was newly allocated for the prompt construction of the Jinhae Myeongdong Marina Port. Budgets were also increased for the Busan Port Festival support (300 million KRW), Wando International Seaweed Expo hosting support (140 million KRW), and equipment purchase for the Marine Deep-Sea Water Resource Center to foster the marine deep-sea water industry (300 million KRW).

For strengthening marine environmental management, 1 billion KRW was added for purification and restoration costs of polluted sediments at Busan North Port, and 700 million KRW was increased for river and estuary marine litter management.

A Ministry of Oceans and Fisheries official stated, "To promptly support the marine and fisheries industry and workers who are facing difficulties due to COVID-19 and other factors, we plan to establish detailed project plans by the end of the year and ensure smooth execution of the 2021 budget." The official added, "We will activate budget execution review meetings to encourage rapid budget spending, strengthen management of local governments and private subsidy projects to ensure funds are smoothly injected into actual demand sites, and strive to increase the actual execution rate."

This content was produced with the assistance of AI translation services.