South Korea announces steps to boost marine industry - Trade Only Today

South Korea announces steps to boost marine industry

The South Korean government announced a set of measures last week aimed at developing the country’s marine leisure industry and increasing the promotion of marine activities.
Author:
Publish date:

The South Korean government announced a set of measures last week aimed at developing the country’s marine leisure industry and increasing the promotion of marine activities.

The Ministry of Oceans and Fisheries said it will work to more than double the number of leisure yachts and boats in the country to more than 30,000 in 2020, from the current 12,985. Such an increase would help to create 12,000 new jobs and more than $1.39 billion in income, according to the maritime ministry.

“The ministry plans to develop the marine leisure industry into a key business sector that will create 12,000 new jobs and a new growth engine for the country’s economy,” it said in a press release, according to Korea Bizwire.

However, unlike previous measures that mainly sought to build infrastructure, such as marina harbors, the latest plan also calls for efforts to promote marine leisure. The ministry will transform the country’s marina harbors into places where anyone, without a personal yacht, can experience and enjoy marine activities.

It will also consider lowering the bar for new yacht rental firms by reducing the minimum size of yachts or boats for rental to 2 tons from the current 5 tons. This would increase the number of boats available for rental services to 2,400 from 800, according to the ministry.

The government will also continue to try to expand infrastructure for the marine leisure industry.

South Korea has 32 marina harbors with a combined capacity of 1,750 boats, which represents less than 15 percent of the 12,985 yachts and boats in the country. The ministry will work to increase the number of marina harbors and their overall capacity to more than 6,000 ships in 2020.

The government also will work to develop the country’s cruise industry.

Related

E-nnovation Lab to expand at 2018 Metstrade show

The growing demand for hybrid and electric engines is becoming more apparent within the leisure marine market, prompting Metstrade to introduce the E-nnovation Lab platform for electric propulsion technology.

Aluminum, tow boats lead moderate growth in May

Boat registrations were up 2.1 percent in May in the main powerboat categories, and rose 3.2 percent in all categories, according to preliminary data from Statistical Surveys Inc., a Michigan company that tracks new boat registrations.

Retaliatory tariffs on boats to EU start today

The 25 percent tariff the EU announced Wednesday on U.S.-built boats kicks in today, and a 10 percent tariff on boats sold to Canada will start July 1, prompting boatbuilders to worry they will lose sales to those countries.