SEOUL, March 2 (Korea Bizwire) – South Korea said Tuesday it plans to expand its exports of fishery products by 30 percent through 2025 in line with its new vision to foster the industry as a new growth engine.
Under the five-year blueprint, outbound shipments of fishery products are expected to each US$3 billion in 2025, compared with $2.3 billion tallied last year, according to the Ministry of Oceans and Fisheries.
The combined size of the local fishery industry is also expected to reach 13.8 trillion won (US$12.3 billion) by the target year, jumping from 11.3 trillion won posted in 2019, the ministry added.
South Korea will improve its self-sufficiency of fishery products as well, seeking to reach 79 percent by 2025, compared with the current 72 percent.
Considering the growing demand for ready-to-eat products amid the COVID-19 pandemic, the government also plans to establish industrial clusters in South Jeolla Province and Busan, assisting local businesses with developing foodstuffs made with fishery goods.
On the back of such efforts, the average annual income of households in the fishery segment will reach 60 million won in 2025, rising from 48 million won tallied in 2019, the ministry added.