Marine and Fisheries New Industry Scale Doubled... Targeting 30 Trillion Won by 2027

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] The government plans to double the market size of the marine and fisheries new industry by 2027. The current 15 trillion won marine and fisheries new industry market will be expanded to 30 trillion won, and 2,000 promising companies will be nurtured.

On the 27th, the Ministry of Oceans and Fisheries announced that it had established and finalized the "Marine and Fisheries New Industry Promotion Strategy" at the Cabinet meeting. The Ministry's five key new industry sectors are eco-friendly and advanced ships, smart blue food, marine leisure tourism, marine bio, and marine energy and resources.

First, the eco-friendly and advanced ship equipment market, currently valued at 2.2 trillion won, will be expanded to 12.5 trillion won by 2027, in line with the global market growth rate of 14%. The marine leisure tourism market will be expanded from the current 970 billion won to about 3 trillion won.

The seafood food market will be nurtured to 12 trillion won, and the marine bio market to over 1 trillion won. The marine energy market, currently around 10 billion won, will be expanded to 90 billion won. The goal is to increase research and development investment to secure five leading technologies in the top 10% of new growth sectors.

Minister of Oceans and Fisheries, Seung-hwan Cho, stated, “Over the next five years, we plan to actively support and cooperate with related organizations to intensively nurture the five major marine and fisheries new industries so that they can establish themselves as new national growth engines.”

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