▲ The logo of the Ministry of Oceans and Fisheries provided by the ministry (PHOTO NOT FOR SALE) (Yonhap)

oceans ministry-2026 budget

Oceans ministry raises 2026 budget to 7.3 tln won for Arctic shipping routes, Busan relocation

SEOUL, Sept. 2 (Yonhap) -- The Ministry of Oceans and Fisheries said Tuesday it has allocated 7.3 trillion won (US$5.2 billion) as its budget for next year, with a focus on establishing infrastructure for the envisioned Arctic shipping routes and fostering new growth engines for the maritime industry.

The proposal represents an 8.4 percent increase from this year's budget of 6.78 trillion won, according to the ministry.

The ministry said it will invest 1.66 trillion won in expanding and enhancing port infrastructure in the southeastern region to prepare for the anticipated expansion of the Northern shipping routes.

The government has vowed to bring Busan, a logistics port city about 330 kilometers southeast of Seoul, to the forefront of the country's maritime shipping industry, especially under an envisioned era of Arctic shipping routes. It plans to inject 549 billion won into projects related to the Arctic shipping initiative, including the development of new icebreakers by 2029.

Some 30 billion won will be funneled into the planned relocation of the ministry to Busan from the central administrative city of Sejong, which was part of President Lee Jae Myung's election campaign pledge.

For the fisheries sector, the ministry earmarked 957.6 billion won, with a plan to promote smart aqua farming and foster exports of Korean fisheries products. It will also spend 112.2 billion won on measures in dealing with illegal fishing by Chinese vessels.

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