Korea to collect funds to boost cruise industry

Published on : Wednesday, January 11, 2017

cruiseSouth Korea has been planning to collect abundant funds worth at least $83.3 million as it is determined to financially assist the local cruise industry. This is because the country is eager to usher in a greater number of tourists ashore, according to Kim Young-suk who is the Oceans and Fisheries Minister.


A cruise operator named Korea Cruise Line that was launched in the latter part of 2015, was not capable of initiating full-scale operations till date on account of financial trouble over its initial investment.


Kim said that the Korea Cruise Line would purchase a cruise ship that is worth 200 billion won.


It is believed that the find would be utilized by the private sector. And, the investment of the government would comprise about 10% of the capital, as revealed by Kim.


Kim also said that the discussions among the Financial Supervisory Commission, the Ministry of Strategy and Finance and all other ministries would soon commence.


The experts said that the number of cruise passengers would be over 1,00,000 people if a cruise vessel measuring about 50,000 and 70,000 ton is placed in service., said Kim in an interview with a new agency.


Kim added that the government would make way for public relations activities to increase the number of cruise passengers.


Last year, the number of cruise passengers visiting South Korea was expected to reach 2.2 million that doubled from the year 2015, mainly driven by an influx of Chinese tourists through cruise packages, as declared by the Korea Tourism Organization.


Since 2010, the number of cruise travellers to South Korea has increased annually at a rate of 47%. The figure topped to 1 million in 2015 for the very first time.


The shipping industry of South Korea has started undergoing an overhaul since Hanjin Shipping Co., that leading shipping line of the  country had been placed under court receivership in September last year owing to a debt amounting to multi-billion dollars.


Kim said that the government would be offering financial support to a mid-sized business conglomerate known as the SM Group to launch a new shipping line.


With an aim to support the seafood industry, the government would develop technologies this year to assist fish farms to raise filefish, big octopus and yellowtail.


Kim also said that the local seafood industry should benchmark Norway’s seafood company Marine Harvest.


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