Oceans ministry completes relocation to Busan under gov't maritime initiative
SEOUL, Dec. 23 (Yonhap) -- The Ministry of Oceans and Fisheries officially opened its new headquarters in the southeastern port city of Busan on Tuesday, completing its relocation aimed at transforming Busan into a global maritime hub in anticipation of new Arctic shipping routes.
With the relocation, the ministry said it will work to create a global maritime hub in the southeastern region by concentrating administrative, judicial, financial and industrial functions related to the oceans industry, a key policy task of the Lee Jae Myung administration.
The initiative is centered on making Busan a strategic base of Korea's maritime industry amid the envisioned expansion of Arctic shipping routes, expected to further open up in coming years to offer shorter and more efficient trade routes between Asia and Europe.
"Starting with the relocation of the oceans ministry to Busan, we plan to swiftly implement follow-up measures, including the relocation of public institutions and shipping companies to the city," Vice Oceans Minister Kim Sung-bum said in a press release.
Earlier this month, SK Shipping Co. and H-Line Shipping Co., the country's seventh and 10th largest shippers, respectively, decided to relocate their headquarters to Busan.
In a policy briefing to the president held at the new headquarters, the ministry said it will push for the establishment of a new regional investment corporation and a maritime court in Busan to support the initiative.
The ministry plans to begin pilot operations on Arctic shipping routes in 2026 and support the development of homegrown technologies to build ice-strengthened container ships and icebreakers by 2030.
Meanwhile, the ministry said it will also work to boost exports of fisheries products in line with the rising global popularity of Korean food, noting that seafood exports accounted for nearly 25 percent of Korea's total food exports this year.
In particular, exports of dried seaweed, or gim, are expected to surpass US$1.1 billion this year to hit an all-time high, it added.
nyway@yna.co.kr
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