South Korea Increases Investment in Overseas Fisheries to Address Plummeting Squid Catch

The Ministry of Oceans and Fisheries, led by Minister Kang Do-Hyeong, will invest an increased budget of 2.4 billion won (approximately $2.1 million) for this year’s Overseas Fisheries Resource Survey project, up 1 billion won (approximately $880,000) from last year, in areas such as Kenya and other East African waters to pioneer new fishing grounds.

The Ministry of Oceans and Fisheries has been promoting the Overseas Fisheries Resource Survey project since 2001 to secure fishery resources by pioneering new overseas fishing grounds, as new overseas fishing ground development has become necessary due to the strengthening of pollution fishing regulations and the resource nationalism policy of coastal countries.

Through this project, the Ministry of Oceans and Fisheries has pioneered 11 new overseas fishing grounds, including the North Pacific mackerel pike, the Atlantic squid, and the Southern Ocean toothfish (mero), by 2022.

Furthermore, from 2023, the ministry recognized not only the existing distant water fishermen (organizations) but also near-sea fishermen (organizations) as overseas fisheries resource survey project operators and conducted surveys on various fishery resources such as pollack and squid in Russian waters and flatfish and croaker in West African (Guinea-Bissau) waters.

This year, the ministry plans to survey areas such as Kenya and other East African waters rich in squid resources due to the recent decline in squid catch.

Minister Kang Do-Hyeong of the Ministry of Oceans and Fisheries said, “We expect to create overseas expansion opportunities for our fishing vessels and contribute to stable seafood supply through pioneering new overseas fishing grounds rich in fishery resources.”