Korea begins researching seafood-exclusive export zones

Busan Port [Photo by Kim Jae-hoon]

The South Korean government plans to create seafood-specific export zones to promote the overseas sales of the country’s seafood products.

According to a report by Maeil Business Newspaper on Sunday, the Ministry of Oceans and Fisheries recently commissioned research projects to begin creating national export promotion zones for seafood products, which the ministry aims to introduce by 2026.

The research project proposal includes tasks related to the introduction of export promotion zones, specifically encompassing strategies for selecting potential sites for these zones, measures to integrate them with existing infrastructure, and a review of the resources required to operate the zones, including personnel and budget.

Companies engaged in seafood production, processing, distribution, and export registered within these zones, will receive a range of government support, which could include tax credits, grants, or other forms of assistance to be determined following the completion of the research project.

While the exact location of these zones has not been confirmed, the government explained that any location with seaports is the most promising candidate. Currently, nationally managed seaports include 14 locations across the nation: Incheon Port, Gyeongin Port, Pyeongtaek-Dangjin Port, Daejeon Port, Gunsan Port, Janghang Port, Mokpo Port, Gwangyang Port, Yeosu Port, Masan Port, Busan Port, Ulsan Port, Pohang Port, and Donghae-Mukho Port. The ministry is considering two options to establish the legal framework for these zones, which are incorporating relevant provisions into the existing seafood law or legislating a separate law exclusively for the establishment of these zones.

Korea’s seafood exports reached a record $3.15 billion, surpassing $3 billion for the first time in 2022. With this growth, the government has set a sales target of $4.5 billion by 2027.

The government also unveiled national seafood export strategies during an emergency cabinet meeting in May 2023. These strategies focus on enhancing the competitiveness of existing export-oriented items, such as gim, or laver, and tuna, while also concentrating on fostering items with growth potential, such as oysters and abalones. The plan also includes support for a seafood industry-specific fund to nurture 100 small and medium-sized export-oriented companies, with a total investment of $10 million.