Seoul: The Ministry of Oceans and Fisheries announced a 7.3 trillion won (US$5.2 billion) budget for 2026, prioritizing Arctic shipping routes and the relocation to Busan. This marks an 8.4 percent increase from the current year's budget of 6.78 trillion won.
According to Yonhap News Agency, the ministry plans to invest 1.66 trillion won in enhancing port infrastructure in the southeastern region, anticipating the expansion of Northern shipping routes. The government aims to position Busan, a logistics hub located about 330 kilometers southeast of Seoul, as a central player in the maritime shipping industry, particularly with the advent of Arctic shipping routes. To support this vision, 549 billion won will be allocated to Arctic shipping projects, including new icebreakers expected by 2029.
Additionally, 30 billion won is designated for the ministry's relocation from Sejong to Busan, fulfilling a campaign promise by President Lee Jae Myung. For the fisheries sector, 957.6 billion won is earmarked to promote smart aqua farming and boost exports of Korean fisheries products. The ministry also plans to allocate 112.2 billion won to combat illegal fishing by Chinese vessels.