Ruling Party and Government: "Squid Catch Volume Plummets... Emergency Fund of 30 Million Won per Person Provided"

People Power Party holds Min-Dang-Jeong council meeting
Easing criteria for fisheries resource protection direct payment
Reduction and overseas fishing ground market development also

On the 5th, the People Power Party and the government decided to provide emergency management stabilization funds of up to 30 million KRW per person to fishermen struggling due to the sharp decline in squid catch volumes. They also plan to ease the criteria for paying fisheries resource protection subsidies and increase fishermen's collateral capacity through substitute guarantees by the Suhyup Bank, thereby alleviating short-term liquidity issues.

Yu Eui-dong, chairman of the People Power Party's Policy Committee, announced this decision at the 'Civil-Party-Government Council for Supporting the Squid Production Industry' held at the National Assembly on the same day.

Yu Eui-dong, Chairman of the Policy Committee of the People Power Party, is speaking at the National Assembly's inspection countermeasure meeting held on the 17th. Photo by Hyunmin Kim kimhyun81@

The party and government meeting was convened following last month's squid auction volume dropping to less than 40% compared to the same period last year. It was reported that many fishermen are giving up sailing as their expenses, such as fuel and labor costs, exceed the income earned from catching squid.

Cho Seung-hwan, Minister of Oceans and Fisheries, stated at the meeting, "Last year's squid catch volume decreased by 61% compared to the 10-year average, and the catch volume until September this year has also decreased by more than 50% compared to the 10-year average, indicating a severe crisis. The structure is such that the more they fish, the greater the deficit due to insufficient catch volume, and even if they suspend operations, fixed costs such as labor and interest expenses cause a minimum monthly deficit of over 30 million KRW."

Chairman Yu added, "To reduce the financial burden on fishermen, from December this year until the end of next year, fisheries policy funds will be converted to interest-free loans, principal repayments will be deferred, and payment of crew insurance premiums will also be deferred until June next year."

The party and government also plan to implement fisheries restructuring to solve long-term problems. Chairman Yu emphasized, "Starting next year, we will promote the reduction of 40 to 50 vessels annually and support the development and expansion of overseas fishing grounds in connection with Official Development Assistance (ODA)."

Meanwhile, attendees from the party included Chairman Yu, Lee Yang-su, chief floor leader of the Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee, and lawmakers Lee Dal-gon and Ahn Byung-gil. From the government side, Minister Cho Seung-hwan of the Ministry of Oceans and Fisheries attended. From the private sector, Labor Jin, chairman of the Suhyup Central Association, and Kim Seong-ho, chairman of the Korea Fisheries Management Association Central Federation, were present.

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