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THE INVESTOR

Industrials

Korea to open fish farming business to conglomerates

  • PUBLISHED :January 06, 2017 - 10:49
  • UPDATED :January 06, 2017 - 10:49
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[THE INVESTOR] The government will selectively allow conglomerates to run fish farming business, the Ministry of Oceans and Fisheries said on Jan. 6.

In a policy goal report for 2017, the ministry said it will allow large conglomerates to operate fish farms for salmon, Bluefin tuna and other kinds that require high-cost facility investments. Companies with total assets of more than 500 billion won (US$419.60 million) or annual sales of over 100 billion won are eligible.

The size of allowed offshore farms will be enlarged to 60 hectares from the current 20 hectares, the ministry reported.

The government will also encourage the farming of pollack, which South Korea last year succeeded in farm breeding, the ministry said in its report.

Ministry officials played down worries that conglomerates‘ entry into the business will hurt small-time fishermen, saying their areas of business do not overlap.

“Bluefin tuna and salmon both require large-scale facility investment,” Kim Jae-chul, who oversees fishing industry policy, said in a briefing.

“They do not fall into conflicting interests with ordinary fishermen. The fishermen understand that such fish farms need independent facilities and advanced technology.”

(theinvestor@heraldcorp.com)
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