[One Year of the Lee Jaemyung Administration] Full-Scale Promotion of the Marine Capital Region: "Boosting the Local Economy and HMM Headquarters Relocation"

Ministry of Oceans and Fisheries Announces ‘Major First-Year Achievements’ at Cabinet Meeting

Since the launch of the Lee Jaemyung administration, the Ministry of Oceans and Fisheries has relocated to Busan, and companies such as H-Line Shipping, SK Shipping, and HMM have announced plans to move their headquarters as well. These developments signal the full-fledged promotion of the marine capital region. The relocation of the Ministry of Oceans and Fisheries to Busan has already yielded results, including an increase in the number of newly established corporations in the Busan area.

On May 20, the Ministry of Oceans and Fisheries announced the first-year achievements of the Lee Jaemyung administration in the marine and fisheries sector during a Cabinet meeting.

To fulfill the Lee Jaemyung administration’s national agenda, the Ministry of Oceans and Fisheries held an opening ceremony with 859 employees last December and relocated to Busan. The ministry also established the Arctic Route Promotion Headquarters, which serves as an inter-ministerial command center for advancing into Arctic routes and fostering the marine capital region.

◆ Full-scale Promotion of the Marine Capital Region in the Era of the Arctic Route = The relocation of the ministry to Busan is benefiting the local economy. According to the ministry, since the move, average sales at business establishments in Busan have increased by 3.7%. In addition, the number of newly established corporations in Busan in January this year rose by 28% compared to the same month last year.

Shipping companies have also decided to relocate to Busan in succession. In December last year, H-Line Shipping and SK Shipping announced plans to move their headquarters to Busan. H-Line Shipping, established in 2014 based on the bulk division of Hanjin Shipping, is the 10th largest bulk carrier in Korea by sales, transporting raw materials and energy such as iron ore, coal, and liquefied natural gas (LNG). SK Shipping, established in 1982, is the 7th largest bulk carrier in Korea by sales, specializing in transporting crude oil, petroleum products, LNG, and liquefied petroleum gas (LPG).

HMM, the largest shipping company in Korea, has also decided to relocate its headquarters to Busan. HMM recorded sales of 10.8914 trillion won and operating profit of 1.4612 trillion won last year, making it the number one shipping company in Korea and the eighth largest globally. On April 30, HMM announced the relocation of its headquarters to Busan following a labor-management agreement.

A ministry official stated, "On May 8, HMM held an extraordinary general meeting of shareholders and approved the agenda to amend its articles of incorporation to change its headquarters to Busan. The relocation registration is scheduled to be completed within this month." The official added, "With HMM, the largest domestic shipping company, moving to Busan, a major leap forward is expected in the maritime logistics industry of the marine capital region."

◆ Accelerating Innovation in the Fisheries Industry = Exports of fisheries products reached an all-time high. Over the past three years, exports of fisheries and seafood products hovered around 3 billion dollars, but last year, exports of gim (seaweed) hit a record high of 1.13 billion dollars—an increase of 13.7% from the previous year. Total fisheries exports also set a new record at 3.33 billion dollars, up 9.7% from the previous year.

This month, the National Assembly passed the Sustainable Coastal and Offshore Fisheries Development Act, marking the start of changes in fisheries management systems. Accordingly, the ministry plans to shift from an input control system that limits fishing methods to an output-based system that manages total catch quantities.

◆ Strengthening Global Maritime Leadership = In September last year, President Lee Jaemyung expressed Korea's intention to host the UN Ocean Conference in a keynote speech at the United Nations. Subsequently, the Ministry of Oceans and Fisheries and the Ministry of Foreign Affairs garnered broad international support through various channels. As a result, at the UN General Assembly in December last year, Korea and Chile were selected as co-hosts of the 4th UN Ocean Conference to be held in 2028. The UN Ocean Conference is the largest and highest-level international conference in the maritime sector, held every three years and attended by 193 UN member states, international organizations, and NGOs.

Additionally, Korea was elected for the 13th consecutive term as a member of Category A of the International Maritime Organization (IMO), a specialized UN agency that promotes the development and implementation of international norms related to maritime safety and marine environmental protection. With this renewed directorship, the ministry intends to lead discussions on major issues such as decarbonization, digitalization of international shipping, and autonomous vessels, and to actively reflect Korea's positions in the process of establishing and revising global standards.

Minister of Oceans and Fisheries Hwang Jongwoo stated, "The past year under the government of the people’s sovereignty was a year of great transformation in the marine and fisheries sector, marked by the ministry’s relocation to Busan, shipping companies including HMM moving headquarters, and record-high exports of fisheries products." He added, "The Ministry of Oceans and Fisheries will continue to contribute to Korea’s major leap forward by focusing on policies that prioritize the perspective and satisfaction of the people and the future of the nation."

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