Minister Cho Seung-hwan: "HMM Needs More Port Investment... No Immediate Plans for Privatization"

Meeting with Ministry of Oceans and Fisheries Press Corps
Active Communication with Fishermen on CPTPP Accession

Cho Seung-hwan, the newly appointed Minister of Oceans and Fisheries, is holding his first press briefing on the 25th in Sejong City.

[Asia Economy Sejong=Reporter Dongwoo Lee] Cho Seung-hwan, Minister of Oceans and Fisheries, stated on the 25th regarding the privatization of HMM, the largest container shipping company in Korea, "It is true that HMM has reached a certain trajectory, but more investment in ports is still necessary," adding, "We are not considering privatization immediately."

At a press briefing held in Sejong on the same day, Minister Cho said, "There are various variables such as financial structure, COVID-19, and logistics issues between the U.S. and China that make privatization difficult."

He also mentioned, "To recover the container ship capacity to the level before Hanjin Shipping's bankruptcy, we will secure container ships mainly through deep-sea shipping companies."

Regarding the Fair Trade Commission's potential sanctions on domestic and international shipping companies for colluding on maritime freight rates on the Korea-China and Korea-Japan routes, he explained, "We have explained to the Fair Trade Commission the special characteristics of the shipping industry and the problems that could arise if fines are imposed," adding, "I actively expressed the shipping companies' position at today's plenary meeting."

On concerns about damage to fisheries due to joining the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), he emphasized, "Basically, we understand the government's position that joining the CPTPP is unavoidable for national interests," and added, "We will actively communicate with fishermen and strive to ensure sufficient compensation for damages."

Regarding the import of Fukushima seafood, he firmly stated, "There is no change in the view that this is not an area where imports are allowed, as it concerns public health and safety." On the Korea-Japan fisheries negotiations, he said, "We will make diplomatic and practical efforts to resume the Korea-Japan fisheries negotiations to the extent desired by fishermen."

In response to criticism that the Ministry of Oceans and Fisheries is the only ministry under the Yoon Seok-yeol administration without an independent secretary under the Blue House Economic Secretariat, Minister Cho said, "It seems that the secretariat was streamlined into a two-office, five-chief structure as part of discussions to reduce the secretariat for the fulfillment of the president's pledges," adding, "We will strive to establish this position when the presidential office is reorganized in the future."

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