Lending Program for Starting an Aquaculture Business

 

Recruitment for the 2025 aquaculture business rental beginning Wednesday, March 19

 

 The Ministry of Oceans and Fisheries (MOF; Minister Kang Do-hyung) announced that the 2025 Aquaculture Rental program—which will continuously recruit new business entrepreneurs such as young people and returning fishermen who want to challenge themselves in the aquaculture industry—will be available starting Wednesday, March 19.

 

 The aquaculture farm rental program rents existing aquaculture farms secured by public institutions (Korea Fisheries Infrastructure Public Agency; FIPA) to young people, returning fishermen, etc., subsidizes 50% of the rental fee (KRW 27.5 million per year), and provides customized capacity-building training.

 

 Previously, the entry barriers were high for people who intended to begin an aquaculture business as they had to be members of a fishing village cooperative to use their facilities or invest massive capital to acquire a private aquaculture farm. To address this problem, MOF amended the Aquaculture Industry Development Act (effective August 16, 2023) and introduced a public aquaculture farm rental system for the first time last year. Through this system, MOF aims to lower entry barriers for aquaculture, supporting the settlement of young people, returnees to fishing villages, and other newcomers in rural fishing communities.

 

 Last year, 10 individuals—including young people and returnees—ventured into aquaculture through this rental program. According to Mr. Park, an aquaculture farmer cultivating starry flounder in Jeju since last October, starting in aquaculture is not easy but is a rewarding, interesting work. “I hope more young people and returnees learn about the rental program, develop an interest in aquaculture, and settle in fishing villages," he added.

 

 This year, 24 candidate sites have been prepared for rental as of March 18, featuring diverse species such as shrimp, mullet, abalone, oysters, and clams. Additional rental sites are also planned. Open to anyone who wish to take on the challenge of aquaculture while living in a fishing village, the program is recruiting 10 new participants from among the youth, returnees, or fishing industry successors.

 

  To address housing concerns for returnees, some aquaculture farms (in Taean-gun and Seosan-si, Chungcheongnam-do) plan to give priority to returning fishermen and others for accommodations that have been built or are scheduled to be built through national subsidy programs. Interested parties can submit applications through FIPA’s website (www.fipa.or.kr), where details such as the status of leasing farms and expected rental fees are also available.

 

 After the recruitment period ends, document screening and interviews will be conducted to select candidates, followed by rental agreements with FIPA.

 

 “It is important for more young people and returning fishermen to settle down stably in fishing villages for the aquaculture industry to thrive. MOF will continue pursuing support policies actively to create fishing villages full of opportunities as well as a better quality of life,” Minister Kang Do-hyung said.