Vice Minister Kim Sung-bum of MOF: "Trial Operation of the Northern Sea Route Planned for September"

[Financial News] The Ministry of Oceans and Fisheries (MOF) plans to conduct a trial operation of the Northern Sea Route (NSR) in September, using a container ship to travel from Busan to Rotterdam. In addition, the ministry will establish a 'Marine Metropolitan Area Development Strategy' in the first half of this year. Through this initiative, MOF aims to create a marine cluster in the southeastern region by concentrating marine-related companies, public institutions, and the Admiralty Court.
On the 5th, Vice Minister Kim Sung-bum held a press briefing at the MOF office in Busan and announced these plans.
Regarding the development of the NSR, Vice Minister Kim stated, "This year, we plan to conduct a trial operation of a 3,000 TEU-class container ship from Busan to Rotterdam and support the construction of polar navigation vessels such as icebreakers. We will also develop technologies for building container ships equipped with ice-resistant and icebreaking capabilities, discover various incentives, and foster polar maritime officers."
MOF aims to accumulate operational experience and information on polar navigation through the NSR trial operation. Vice Minister Kim explained, "We will secure a trial vessel in the first half of the year and proceed with consultations with Russia. After securing cargo through shipping companies' marketing activities, we plan to commence operations around September."
Addressing the essential cooperation with Russia for the NSR, he noted, "Russia requires permits for passage through its waters, and depending on sea conditions, icebreakers may be necessary, making cooperation essential. As Korea is participating in Western sanctions against Russia, we must carefully balance both sides and seek a harmonious solution."
To accelerate the transition to eco-friendly vessels, he added, "We will provide shipping companies with expanded policy funding, allow fractional investments, and offer various tax benefits. For small and medium-sized shipping companies, we plan to increase subsidies for building new eco-friendly ships. To lead the upcoming Maritime Autonomous Surface Ship (MASS) market, we will invest a total of 600 billion won in core technology R&D for fully autonomous ships by 2032."
MOF will present a 'Marine Metropolitan Area Development Strategy' in the first half of this year to foster a marine metropolitan area in the southeastern region. The plan is to integrate administrative, judicial, financial, and corporate infrastructure in the region to create synergy and elevate the Port of Busan to the world's top port, establishing a marine metropolitan area comparable to the capital region.
Vice Minister Kim stated, "The NSR Promotion Headquarters will formulate a strategic plan by the first quarter, and based on this, we will engage in discussions with local communities and experts, aiming to announce the plan within the first half of the year."
To innovate the traditional fishing industry, MOF will enhance productivity by focusing on scrapping aging fishing vessels and building replacements, while significantly eliminating unnecessary regulations.
Additionally, MOF aims to achieve $1.5 billion in gim exports by 2030. Vice Minister Kim explained, "By processing gim into high value-added products, we will shift from exporting raw materials to dried seaweed, and from dried seaweed to seasoned roasted laver, thereby increasing exports with the same raw material."
Finally, Vice Minister Kim remarked, "This year marks the 150th anniversary of the opening of the Port of Busan and the 30th anniversary of MOF's establishment, as well as the first year of a new leap forward following the ministry's relocation to Busan. We will concentrate all policy efforts to faithfully implement the new government's national agenda, achieve a major leap into the NSR era, and realize balanced growth for Korea."
leeyb@fnnews.com Lee Yu-beom Reporter