South Korea Oceans Ministry Advances Plans for Southeastern Maritime Hub

The Ministry of Oceans and Fisheries is continuing efforts to develop South Korea's southeastern region into a global maritime hub, Minister Hwang Jong-woo said Wednesday. Hwang made the remarks during a Cabinet meeting while summarizing progress in the first year of President Lee Jae Myung's administration.

The ministry relocated its headquarters to the southeastern port city of Busan from Sejong in December as part of the government's initiative.

Under the initiative, SK Shipping Co. and H-Line Shipping Co. , the country's largest shipping firm, has also decided to move its headquarters to the city, Hwang said. An international maritime court is scheduled to open in Busan in 2028. Hwang said a proposed state-run corporation for regional investment would help create administrative, judicial, corporate and financial infrastructure.

7 percent from the previous year, driven mainly by dried seaweed products. 2 billion for this year. South Korea will host the United Nations Ocean Conference in 2028, Hwang said, noting the country's elevated status in international maritime organizations.