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MOF Proposes KRW 8.3 Trillion Budget for 2027 for “Korea’s New Growth Opened by the Sea”
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2026.09.07.
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MOF Proposes KRW 8.3 Trillion Budget for 2027 for “Korea’s New Growth Opened by the Sea”
The Ministry of Oceans and Fisheries (MOF; Minister Hwang Jong-woo) announced that it has proposed a KRW 8.2636 trillion government budget for 2027, up 10.8% (KRW 805.3 billion) from KRW 7.4583 trillion this year. This is the highest growth rate since the Ministry's relaunch in 2013.
* Budget under the jurisdiction of MOF = Ministry of Oceans and Fisheries expenditure budget + MOF project budget within policy funds (Future Response Fund, etc.)
** 67,117 (3.8%, 2024) → 68,620 (2.2%, 2025) → 74,583 (8.7%, 2026) → 82,636 (10.8%, 2027)
The main driver of the increase in the budget proposal is the allocation of funds for major projects aimed at creating a new growth paradigm for the marine economy, such as fostering the maritime metropolitan area, transitioning to a catch-centered fisheries management system, and accelerating the Marine Fisheries AX.
Specifically, KRW 3.9 trillion was allocated for the fisheries and fishing village sector (11.5% compared to this year), KRW 2.2 trillion, for shipping and ports (2.7%), KRW 1.2 trillion, for logistics and other sectors (marine industry, etc.) (10.0%), KRW 0.5 trillion, for the marine environment (15.6%), and KRW 0.9 trillion, for R&D (7.8%). MOF's projects within policy funds such as the Future Response Fund were also increased to as much as KRW 0.2 trillion (145.4%).
<2027 Government Budget Proposal for MOF>
(Unit: KRW 100 million)
To achieve tangible results in the marine and fisheries sector by 2027, MOF has focused its budget on the ① full-scale development of the marine metropolitan area, ② innovation of the fisheries industry's structure and restoration of vitality in fishing villages, and ③ new marine industries that grow together with clean seas.
First, MOF will fully establish the infrastructure for the maritime capital region and expand investment to enable Korea's shipping and port industry to lead the global market.
MOF will establish a new support program for building eco-friendly ships (KRW 12.1 billion) to help shipping companies relocate to provincial areas and encourage companies to relocate to the maritime capital region. It will also strengthen international cooperation and collect related data for the long-term preparation of the Arctic route trial operation—which is being pursued as a new long-term project (KRW 18.4 billion)—and promote projects to prepare for entry into the Arctic route in the long term, such as supporting the construction of polar-operating vessels like icebreakers and ice-strengthened ships and developing technology for icebreaking container ships. To foster an ecosystem for related industries, the government will establish infrastructure to support technology demonstration and nurture future talent who will lead the advanced marine industry (KRW 9.8 billion in new funding). Port AX will be accelerated as well by demonstrating physical AI port cargo-handling and transfer equipment (new KRW 7.4 billion) and developing smart port operation technology (KRW 9.4 billion → KRW 18 billion).
Furthermore, MOF will strengthen the global competitiveness of the shipping and port industry. To lead the autonomous shipping market, MOF will deploy autonomous navigation systems on Korean-flagged vessels (new KRW 2.9 billion) and begin the full-scale development of Level 4 fully autonomous navigation technology (increasing the budget from KRW 6.3 billion to KRW 15.7 billion). It will proceed with large-scale port developments including Donghae New Port, Saemangeum New Port, and Gunjang Port (from KRW 1.67 trillion to KRW 1.68 trillion) to expand insufficient port infrastructure, thereby creating a smooth import and export logistics environment.
* (lv1) Decision support → (lv2) Crew onboard, remote control → (lv3) Crew not onboard, remote control → (lv4) Fully unmanned
To enhance responsiveness to supply chain crises including the Strait of Hormuz crisis, MOF will increase the loss compensation for the stable operation of the National Essential Fleet* (KRW 8.2 billion → KRW 10 billion) and strengthen the functions of the International Logistics Investment Analysis Support Center and expand consulting for the overseas expansion of shipping and logistics companies (KRW 2.5 billion → KRW 3.1 billion).
* A national fleet to maintain a smooth maritime transport system for critical national materials during wartime and national emergencies
Second, MOF will significantly strengthen support to enhance the competitiveness and structural improvement of the fisheries industry and create vibrant fishing villages.
MOF enacted the Sustainable Coastal and Offshore Fisheries Development Act in June of this year for the fundamental improvement of the fisheries sector. Next year, MOF will establish a foundation for implementation in accordance with the enforcement of the law by creating new measures such as verifying the catch volume at the landing stage, inspecting landing ports, operating the Fisheries Information Management Center, and providing loan support for fishers who fulfill their obligations (new KRW 105.5 billion). It will also conduct scientific resource assessments for the full implementation of the Total Allowable Catch (TAC) system and establishment of a highly reliable TAC calculation system (KRW 900 million → KRW 6.7 billion). The size of fishing vessels will be adjusted as well in line with the new fisheries management system. Over the next five years, MOF will focus on reducing the number of offshore fishing vessels while establishing a modernization fund (expanded from KRW 203.7 billion to KRW 394 billion) to upgrade and expand the remaining fleet.
In the export and processing sectors, support for major export items will be expanded to generate $4 billion in fisheries exports by 2028. To expand exports of high value-added gim (dried laver) in particular, a K-Gim leading district will be designated for the establishment of a related industrial ecosystem such as building offshore smart aquaculture farms and land-based leased aquaculture farms (new KRW 13.5 billion). MOF will also strengthen measures to address non-tariff barriers to major export items—including tuna—by preventing forced labor on deep-sea fishing vessels (new KRW 1 billion) and operating overseas market analysis centers (KRW 2.4 billion). MOF will also introduce a new program to stockpile dried gim (new KRW 24.2 billion) as well to ease the price burden of gim, which has become a national side dish.
In addition, investment for the smart transformation of the fisheries industry will be drastically increased. Smart aquaculture—including smart fisheries innovation-leading districts and smart aquaculture clusters—will be continuously expanded (from KRW 15.2 billion to KRW 32.6 billion), and priority support will be provided for the transition to mechanization in manual aquaculture sectors (new KRW 6 billion). Support for smart processing to improve the productivity and quality of seafood products has also increased significantly (from KRW 29.4 billion to KRW 102 billion).
A budget for the public management system for coastal passenger ferries*—which is set to take effect next year (new KRW 9.6 billion)—has been prepared as well to strengthen the guarantee of transportation rights for island residents. MOF will improve infrastructure such as housing and welfare in fishing villages (KRW 4.5 billion → KRW 6.5 billion), expand Co-Fishing Villages—a win-win model between urban and fishing villages (KRW 1.3 billion)—provide fishing village internships to help young people settle in the fisheries industry (new KRW 200 million), and introduce a new direct payment system for inland fisheries feed (new KRW 8.2 billion) to make fishing villages places where young people want to work and live.
* The government will directly deploy passenger ships, with public institutions operating them (11 routes scheduled to operate by 2027)
Third, MOF will keep Korean seas clean by reducing marine debris, eradicating the illegal occupation and use of public waters, and expanding investment in new marine industries that will serve as future engines for the country's growth.
As part of the Management of Illegal Occupation and Use of Public Waters—a National Normalization Project—MOF began work on a GIS-based public waters management system* (new KRW 5.7 billion) and launched a new program for the immediate removal of illegal fishing gear (KRW 2.1 billion) to eradicate the unlawful use of Korean seas. MOF also plans to replace outdated enforcement equipment used to crack down on illegal fishing vessels—such as high-speed launches and communication facilities—to respond decisively to illegal fishing activities by Chinese and other foreign vessels (KRW 2.9 billion → KRW 15.8 billion).
* Establishment of a standing management system for illegal occupation and use through the standardization of public waters use/permit information and spatial data integration
Moreover, MOF will make aggressive investments in the full lifecycle management of marine waste. MOF will expand the collection area to more than half of Korea's vulnerable beaches (approx. 3,824 km) where marine debris flows intensively, collect beach debris (KRW 10.2 billion → KRW 17.5 billion), and introduce marine debris collection robots at 10 locations (new KRW 3.5 billion). It will also strengthen the management of seabed pollution sources at Busan Gamman Wharf and Mukho Port, etc. by expanding the contaminated sediment collection (KRW 14.8 billion → KRW 20.2 billion) and tracking of polluters (new KRW 3 billion).
MOF will also invest in new marine industries so that systematically managed marine resources can become a source of Korea's economic growth. In particular, regional marine bio-specialized hubs with high growth potential—such as the Blue Bio Industrial Material Mass Production Plant and the Seaweed Bio Smart Factory—will be established promptly (KRW 2.9 billion → KRW 21.1 billion).
Along with this, MOF will support the development of the marine tourism industry by providing facility support for the cruise terminals at Daesan Port and Saemangeum Port and managing the National Marine Ecological Park (new KRW 1.9 billion), and spearhead international efforts to reduce carbon emissions through a pilot carbon trading project using blue carbon and the establishment of a seaweed-based carbon absorption belt (new KRW 7.0 billion).
“Next year’s budget focuses on projects that will drive a new growth paradigm in the marine and fisheries sector, including the development of the Maritime Capital Region and structural innovation in the fisheries industry, while delivering results that people can actually feel. We will also make every effort to prepare for the National Assembly’s budget review so that MOF can help drive a major transformation and leap forward in Korea’s economy,” said Minister of Oceans and Fisheries Hwang Jong-woo.
- A 10.8% increase compared to this year, the highest level since the reestablishment of the Ministry of Oceans and Fisheries
The Ministry of Oceans and Fisheries (MOF; Minister Hwang Jong-woo) announced that it has proposed a KRW 8.2636 trillion government budget for 2027, up 10.8% (KRW 805.3 billion) from KRW 7.4583 trillion this year. This is the highest growth rate since the Ministry's relaunch in 2013.
* Budget under the jurisdiction of MOF = Ministry of Oceans and Fisheries expenditure budget + MOF project budget within policy funds (Future Response Fund, etc.)
** 67,117 (3.8%, 2024) → 68,620 (2.2%, 2025) → 74,583 (8.7%, 2026) → 82,636 (10.8%, 2027)
The main driver of the increase in the budget proposal is the allocation of funds for major projects aimed at creating a new growth paradigm for the marine economy, such as fostering the maritime metropolitan area, transitioning to a catch-centered fisheries management system, and accelerating the Marine Fisheries AX.
Specifically, KRW 3.9 trillion was allocated for the fisheries and fishing village sector (11.5% compared to this year), KRW 2.2 trillion, for shipping and ports (2.7%), KRW 1.2 trillion, for logistics and other sectors (marine industry, etc.) (10.0%), KRW 0.5 trillion, for the marine environment (15.6%), and KRW 0.9 trillion, for R&D (7.8%). MOF's projects within policy funds such as the Future Response Fund were also increased to as much as KRW 0.2 trillion (145.4%).
<2027 Government Budget Proposal for MOF>
(Unit: KRW 100 million)
To achieve tangible results in the marine and fisheries sector by 2027, MOF has focused its budget on the ① full-scale development of the marine metropolitan area, ② innovation of the fisheries industry's structure and restoration of vitality in fishing villages, and ③ new marine industries that grow together with clean seas.
| ➀ Full-scale development of the Maritime Capital Region |
First, MOF will fully establish the infrastructure for the maritime capital region and expand investment to enable Korea's shipping and port industry to lead the global market.
MOF will establish a new support program for building eco-friendly ships (KRW 12.1 billion) to help shipping companies relocate to provincial areas and encourage companies to relocate to the maritime capital region. It will also strengthen international cooperation and collect related data for the long-term preparation of the Arctic route trial operation—which is being pursued as a new long-term project (KRW 18.4 billion)—and promote projects to prepare for entry into the Arctic route in the long term, such as supporting the construction of polar-operating vessels like icebreakers and ice-strengthened ships and developing technology for icebreaking container ships. To foster an ecosystem for related industries, the government will establish infrastructure to support technology demonstration and nurture future talent who will lead the advanced marine industry (KRW 9.8 billion in new funding). Port AX will be accelerated as well by demonstrating physical AI port cargo-handling and transfer equipment (new KRW 7.4 billion) and developing smart port operation technology (KRW 9.4 billion → KRW 18 billion).
Furthermore, MOF will strengthen the global competitiveness of the shipping and port industry. To lead the autonomous shipping market, MOF will deploy autonomous navigation systems on Korean-flagged vessels (new KRW 2.9 billion) and begin the full-scale development of Level 4 fully autonomous navigation technology (increasing the budget from KRW 6.3 billion to KRW 15.7 billion). It will proceed with large-scale port developments including Donghae New Port, Saemangeum New Port, and Gunjang Port (from KRW 1.67 trillion to KRW 1.68 trillion) to expand insufficient port infrastructure, thereby creating a smooth import and export logistics environment.
* (lv1) Decision support → (lv2) Crew onboard, remote control → (lv3) Crew not onboard, remote control → (lv4) Fully unmanned
To enhance responsiveness to supply chain crises including the Strait of Hormuz crisis, MOF will increase the loss compensation for the stable operation of the National Essential Fleet* (KRW 8.2 billion → KRW 10 billion) and strengthen the functions of the International Logistics Investment Analysis Support Center and expand consulting for the overseas expansion of shipping and logistics companies (KRW 2.5 billion → KRW 3.1 billion).
* A national fleet to maintain a smooth maritime transport system for critical national materials during wartime and national emergencies
| ➁ Structural innovation of the fisheries industry and restoration of vitality to fishing villages |
Second, MOF will significantly strengthen support to enhance the competitiveness and structural improvement of the fisheries industry and create vibrant fishing villages.
MOF enacted the Sustainable Coastal and Offshore Fisheries Development Act in June of this year for the fundamental improvement of the fisheries sector. Next year, MOF will establish a foundation for implementation in accordance with the enforcement of the law by creating new measures such as verifying the catch volume at the landing stage, inspecting landing ports, operating the Fisheries Information Management Center, and providing loan support for fishers who fulfill their obligations (new KRW 105.5 billion). It will also conduct scientific resource assessments for the full implementation of the Total Allowable Catch (TAC) system and establishment of a highly reliable TAC calculation system (KRW 900 million → KRW 6.7 billion). The size of fishing vessels will be adjusted as well in line with the new fisheries management system. Over the next five years, MOF will focus on reducing the number of offshore fishing vessels while establishing a modernization fund (expanded from KRW 203.7 billion to KRW 394 billion) to upgrade and expand the remaining fleet.
In the export and processing sectors, support for major export items will be expanded to generate $4 billion in fisheries exports by 2028. To expand exports of high value-added gim (dried laver) in particular, a K-Gim leading district will be designated for the establishment of a related industrial ecosystem such as building offshore smart aquaculture farms and land-based leased aquaculture farms (new KRW 13.5 billion). MOF will also strengthen measures to address non-tariff barriers to major export items—including tuna—by preventing forced labor on deep-sea fishing vessels (new KRW 1 billion) and operating overseas market analysis centers (KRW 2.4 billion). MOF will also introduce a new program to stockpile dried gim (new KRW 24.2 billion) as well to ease the price burden of gim, which has become a national side dish.
In addition, investment for the smart transformation of the fisheries industry will be drastically increased. Smart aquaculture—including smart fisheries innovation-leading districts and smart aquaculture clusters—will be continuously expanded (from KRW 15.2 billion to KRW 32.6 billion), and priority support will be provided for the transition to mechanization in manual aquaculture sectors (new KRW 6 billion). Support for smart processing to improve the productivity and quality of seafood products has also increased significantly (from KRW 29.4 billion to KRW 102 billion).
A budget for the public management system for coastal passenger ferries*—which is set to take effect next year (new KRW 9.6 billion)—has been prepared as well to strengthen the guarantee of transportation rights for island residents. MOF will improve infrastructure such as housing and welfare in fishing villages (KRW 4.5 billion → KRW 6.5 billion), expand Co-Fishing Villages—a win-win model between urban and fishing villages (KRW 1.3 billion)—provide fishing village internships to help young people settle in the fisheries industry (new KRW 200 million), and introduce a new direct payment system for inland fisheries feed (new KRW 8.2 billion) to make fishing villages places where young people want to work and live.
* The government will directly deploy passenger ships, with public institutions operating them (11 routes scheduled to operate by 2027)
| ➂ New marine industries growing with the clean sea |
Third, MOF will keep Korean seas clean by reducing marine debris, eradicating the illegal occupation and use of public waters, and expanding investment in new marine industries that will serve as future engines for the country's growth.
As part of the Management of Illegal Occupation and Use of Public Waters—a National Normalization Project—MOF began work on a GIS-based public waters management system* (new KRW 5.7 billion) and launched a new program for the immediate removal of illegal fishing gear (KRW 2.1 billion) to eradicate the unlawful use of Korean seas. MOF also plans to replace outdated enforcement equipment used to crack down on illegal fishing vessels—such as high-speed launches and communication facilities—to respond decisively to illegal fishing activities by Chinese and other foreign vessels (KRW 2.9 billion → KRW 15.8 billion).
* Establishment of a standing management system for illegal occupation and use through the standardization of public waters use/permit information and spatial data integration
Moreover, MOF will make aggressive investments in the full lifecycle management of marine waste. MOF will expand the collection area to more than half of Korea's vulnerable beaches (approx. 3,824 km) where marine debris flows intensively, collect beach debris (KRW 10.2 billion → KRW 17.5 billion), and introduce marine debris collection robots at 10 locations (new KRW 3.5 billion). It will also strengthen the management of seabed pollution sources at Busan Gamman Wharf and Mukho Port, etc. by expanding the contaminated sediment collection (KRW 14.8 billion → KRW 20.2 billion) and tracking of polluters (new KRW 3 billion).
MOF will also invest in new marine industries so that systematically managed marine resources can become a source of Korea's economic growth. In particular, regional marine bio-specialized hubs with high growth potential—such as the Blue Bio Industrial Material Mass Production Plant and the Seaweed Bio Smart Factory—will be established promptly (KRW 2.9 billion → KRW 21.1 billion).
Along with this, MOF will support the development of the marine tourism industry by providing facility support for the cruise terminals at Daesan Port and Saemangeum Port and managing the National Marine Ecological Park (new KRW 1.9 billion), and spearhead international efforts to reduce carbon emissions through a pilot carbon trading project using blue carbon and the establishment of a seaweed-based carbon absorption belt (new KRW 7.0 billion).
“Next year’s budget focuses on projects that will drive a new growth paradigm in the marine and fisheries sector, including the development of the Maritime Capital Region and structural innovation in the fisheries industry, while delivering results that people can actually feel. We will also make every effort to prepare for the National Assembly’s budget review so that MOF can help drive a major transformation and leap forward in Korea’s economy,” said Minister of Oceans and Fisheries Hwang Jong-woo.
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