- Government allocates budget of KRW 6.6233 trillion for the marine and fisheries sector for 2024 - 

 

 

 The Ministry of Oceans and Fisheries (Minister Cho Seung Hwan, hereafter MOF) has budgeted KRW 6.6233 trillion (including policy funds) for 2024, a KRW 190 billion (3.0%) increase from the 2023 budget of KRW 6.4333 trillion.

 

 

 When excluding the decrease in the R&D sector (△KRW 166.9 billion, a 2.6% reduction in total MOF expenditure in 2023) after rationalization in line with the government's fiscal reform, the budget growth for the Ministry next year stands at 5.6%, double that of the total government expenditure (2.8%).

 

 

 By sectors, budgets were increased for Fisheries and Fishing Villages, Shipping and Ports, and Marine Environment to KRW 3.1146 trillion (up 5.7% from 2023), KRW 2.009 trillion (up 6.6% from 2023), and KRW 328.5 billion (up 6.4% from 2023), respectively, while budgets were reduced for Other Sectors (KRW 962.9 billion, down 9.9% from 2023) that require much R&D investment, including logistics, and for Scientific and Technological Research (KRW 208.2 billion, down 6.6% from 2023).

 

 

 The budgets for responses to the discharge of contaminated water in Fukushima (+KRW 208 billion) and port SOC projects (+KRW 136 billion), which have completed their preliminary administrative procedures and will begin full-scale construction in 2024, were significantly increased. At the same time, the R&D budget minimized unnecessary expenditures while thoroughly reflecting policy requirements such as in the development of future ship technology (KRW 36.9 billion -> KRW 44.4 billion).

 

 

 The Ministry of Oceans and Fisheries has drafted next year’s budget with a focus on (1) responding to contaminated water discharges in Fukushima and developing the blue food sector for exports, (2) revitalizing fishing villages and the coastal economy, (3) taking on global leadership in maritime mobility and enhancing competitiveness in the marine and fisheries sector, and on (4) sustainable ocean management and expanding safety nets for the marine and fisheries sector.

 

 

 Minister Cho Seung Hwan of Oceans and Fisheries explained that "it is critical that we protect the Korean people and fishermen by ensuring the safety of our oceans and marine products under any and all circumstances; thus, we have significantly increased related budgets." He added that "the Ministry will create new foundations for the growth of our maritime economy by supporting the development of high-tech industrial capabilities to help reinforce the competitiveness of the fisheries, shipping, and port sectors in Korea. We will strive to foster a comfortable marine environment and support sustainable development so that Korea’s future generations can continue to dream of a future in tandem with the seas."