South Korea: Growing Gyeongnam seafood products worth 1 trillion won

Published 2024년 4월 19일

Tridge summary

Gyeongnam Province in South Korea has launched the '2030 Gyeongnam Fishery Food Industry Development Plan' to grow its seafood industry to a 1 trillion won scale by 2030, with a special focus on oysters, which represent 80% of the nation's production. The ambitious plan includes doubling the seafood exporting companies with over $10 million in exports from 6 to 12, establishing a 15,860㎡ seafood cluster in Tongyeong, and investing 270.2 billion won to enhance the industry's structure, support product development, and improve online sales strategies. Additionally, the province aims to boost oyster exports to $100 million by modernizing facilities and developing dedicated containers. With an annual marketing investment of 1 billion won, including online discount coupons and promotional events, and leveraging online platforms like China's T-mall, Gyeongnam is set to surpass its previous $250 million export record by focusing on live oysters and participating in international food fairs, under the leadership of Maritime Affairs and Fisheries Director Cho Hyun-joon.

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Original content

Gyeongnam Province plans to increase the scale of the seafood industry to 1 trillion won by 2030 by fostering oysters, which account for 80% of the national production, as a star item with an initial export goal of 100 million dollars. Gyeongnam Province recently released the ‘2030 Gyeongnam Fishery Food Industry Development Plan’, a mid- to long-term roadmap to grow the seafood industry as a new growth industry in Gyeongnam. The scale of Gyeongnam's seafood industry (as of 2022) is KRW 583.2 billion, ranking fourth after Jeonnam, Busan, and Gyeonggi. Jeonnam (1.8772 trillion won) and Busan (1.725 trillion won) exceed 1 trillion won. As the production is mainly focused on frozen products (34.3%), there is an urgent need to develop high-value representative products such as seaweed from Jeonnam and fish cake from Busan. Accordingly, Gyeongnam Province has set a goal of increasing the size of the seafood industry to 1 trillion won by 2030 and doubling the number of companies ...

Source: Fisheco