To develop South Korea’s marine biotechnology industry as well as other relevant sectors into multi-billion-dollar businesses, an ambitious project announced by the country. The scope of its underwater exploration will be expanded for marine resources from its coasts to its exclusive economic zone.
In a move to nurture the bioindustry, South Korea plans to expand a marine biobank. The move is the country’s efforts to develop its maritime sectors into a market worth 11.3 trillion won by 2030.
By making the most of marine resources such as mudflats and a marine sanctuary, South Korea is pushing to develop marine ecotourism. In a move to better deal with tightened regulations, the government will nurture industries related to eco-friendly vessels.
In the latest move to boost the country’s shipping industry, South Korea also plans to push for the development of autonomous ships, smart ports, and smart maritime logistics. An additional site will be selected for aquafarming by the end of this year. For large-scale smart aquafarming clusters, two sites have already been selected.
With annual sales of 100 billion won or more, the number of ocean-related startups will be increased by South Korea from five in 2022 to 20 by 2030.
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