Korea to Open Fish Farming Business to Conglomerates
SEAFOODNEWS.COM [Korea Bizwire] - January 9, 2017
SEJONG – The government will selectively open the fish farming business to conglomerates and set up a third management agency to guard the country’s southern waters from illegal Chinese fishing, the oceans ministry said Friday.
In a policy goal report for 2017, the Ministry of Oceans and Fisheries said it will allow large conglomerates to operate fish farms for salmon, bluefin tuna and other kinds that require high-cost facility investments. Companies with total assets of more than 500 billion won (US$419.6 million) or annual sales of over 100 billion won are eligible.
The size of allowed offshore farms will be enlarged to 60 hectares from the current 20 hectares, the ministry reported.
Ministry officials said the decision is based on the outlook that fish farming can become a lucrative industry when supported...
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