Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Korea to develop marine, air-based leisure industries
By Lee Hyo-sik
Staff reporter
Increasingly wealthy and well-being conscious Koreans are demanding more recreational options and this trend toward maritime and air-based leisure industries can be a future growth engine for South Korea.
The Ministry of Land, Transport and Maritime Affairs said Thursday that it will expand necessary leisure-related infrastructure and develop diverse tour programs, allowing vacationers to enjoy an array of recreational activities both in the water and in the air.
Under the plan, six ports specifically designed for cruise ships will be built in Incheon, Busan, Yeosu, and other coastal cities by 2020. This will encourage international vessels to anchor in the local harbors, attracting foreign tourists to come and spend money here. The total investment is estimated at 313 billion won for the project.
The government plans to nurture the local cruise ship industry to meet the keener interest of Koreans in this new leisure area.
The ministry also plans to expand air-based recreational activities to meet the increasing demand for more advanced services among local leisure seekers.
By 2014, an "Air Park" will be built on Heuksan Island, South Jeolla Province, which will house airfields for light airplanes, paragliding and other recreational activities in the sky.
"We are seeking to improve the level of the domestic water and air-based leisure infrastructure to those of advanced countries to encourage more Koreans to spend vacations here rather than abroad, which will create more jobs and boost domestic demand," a ministry official said. "We will financially aid leisure service providers and ease regulations on establishing various recreational activities."
Among the latest steps designed to boost the domestic leisure sector, the government will beef up the availability of water skiing and other water-based recreational activities, while building marinas at the nation's ports to make it easier for holidaymakers to go sailing and boating.
An eco-friendly tour program, aimed at boosting the awareness of the importance of environmental conservation, will be introduced to enable tourists to experience what it is like to be part of the ecosystem on a mud flat and other natural settings.
The development of the domestic tourism industry has been pushed for by the Lee Myung-bak administration, with tens of thousands of Koreans heading overseas and spending billions of dollars each year on various leisure activities.
To create jobs, spur growth and better protect the export-dependent economy from outside shocks, the government has introduced a series of policy measures to boost the local tourism sector.
But it has failed to achieve its goal as an increasing number of individuals here continue to visit foreign countries for more competitive leisure-related services.