Ministry of Oceans and Fisheries to Support 40 Promising Startups with Up to 30 Million KRW Each...

Support for Commercialization of Startup Items in the Marine and Fisheries Sector

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Oceans and Fisheries announced on the 12th that it has selected 40 companies to receive funding for prototype production, improvement, and promotional marketing to commercialize promising startup items in the marine and fisheries sector.

Since 2018, the Ministry has been implementing the "Marine and Fisheries Startup Commercialization Fund Support Program," which provides funding for research and development, product verification, and overseas expansion to marine and fisheries companies within seven years of establishment. Through this program, a total of 46 companies were supported over three years until 2020, contributing to approximately 14.5 billion KRW in sales and the creation of 62 new jobs.

Due to the prolonged COVID-19 pandemic worsening business conditions, this year the support amount per company has been increased to 30 million KRW from 25 million KRW last year. The number of supported companies has also more than doubled from 18 to 40.

Kim Inkyung, Director of the Marine and Fisheries Science and Technology Policy Division at the Ministry, said, "We hope that this commercialization fund support will help turn promising marine and fisheries technologies into products and lead to future sales growth. We will continue to strengthen the discovery of promising startups in the marine and fisheries sector and provide follow-up support."

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