Oceans minister vows to revitalize tepid maritime industry

Kim Youg-choon, South Korean minister of oceans and fisheries, speaks during a press briefing held at the government complex in Sejong on Sept. 27, 2018. (Yonhap)

SEOUL, Oct. 11 (Yonhap) -- South Korea's oceans ministry said Thursday it will support the building of over 200 ships in the next three years via a state-run agency to rejuvenate the sluggish maritime industry.

Kim Young-choon, minister of oceans and fisheries, unveiled the plan to assist the shipping and shipbuilding industry through the Korea Oceans Business Corp. (KOBC), which was launched in July, amid a protracted slump in the sector.

"The shipping sector continues to struggle with the downturn in the global industry and high oil prices, while the annual fisheries production from coastal areas has remained under 1 million tons for two consecutive years," Kim said during a parliamentary audit. "The government will concentrate policy efforts on dealing with the current issues and foster new growth drivers."

Kim Youg-choon, South Korean minister of oceans and fisheries, speaks during a press briefing held at the government complex in Sejong on Sept. 27, 2018. (Yonhap)

Kim underscored the need to overhaul the nation's fishing industry, which still relies on outdated technologies and falls behind the global standard.

"We have to renovate the whole fishing sector from marine resource management to production, distribution and consumption to revitalize the slumping fishing industry," Kim said.

The policymaker vowed to set co....

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