"To achieve a sustainable offshore industry, a tonnage tax system needs to be introduced."

To grow into a global industry that leads in sustainability and public value as a food industry, the introduction of a distant-water fishing tax system and the partial relaxation of the domestic crew obligation structure is necessary, according to a proposal. Director Ryu Jeong-gon of the Korea Fisheries Association made this argument during a presentation on "Development Plans for a Leap Forward in the Distant-Water Fishing Industry" at a National Assembly Policy Forum held in the National Assembly's Main Conference Hall on the 4th (photo). Director Ryu stated, "Our country's distant-water fishing industry is in a situation where it is required to achieve sustainable growth and industrial structure sophistication amid strengthened resource regulations and intensified international competition." He argued that a predictable cost structure and tax reform, the establishment of a virtuous cycle between export competitiveness and national food security, are necessary to stabilize the ...