New oceans minister vows efforts to turn Busan into hub for maritime industry
Oceans Minister Chun Jae-soo speaks during his inauguration ceremony at the Government Complex Sejong, Thursday. Yonhap
The new oceans minister vowed Thursday to transform the southeastern city of Busan into the forefront of Korea's maritime industry in the envisioned era of Arctic shipping routes.
"With the relocation of the Ministry of Oceans and Fisheries to Busan, the government will bring together administrative, industrial and financial functions in the city to open a new frontier in maritime and fisheries while laying the foundation for a new leap forward of the sectors," Oceans Minister Chun Jae-soo said in his inaugural address.
"The ministry's relocation to Busan will mark a turning point in our national strategy to equip Korea with a new growth engine based on the ocean economy," he added.
The relocation plan was one of President Lee Jae Myung's key election campaign pledges aimed at developing Busan into a leading global maritime hub and dispersing the excessive concentration of economic assets in Seoul.
The oceans minister previously vowed to complete the relocation by the end of this year.
Chun said Busan, Korea's largest port city located about 325 kilometers southeast of Seoul, will serve as the strategic base of the country's maritime industry in light of the anticipated expansion of Arctic shipping routes.
Arctic shipping routes refer to maritime passages through the Arctic Ocean that could potentially offer shorter and more efficient trade routes between Asia and Europe.
"Busan is the world's second-largest port in terms of transshipment volume and the seventh in freight volume ... and it has substantive industrial infrastructure for the automobile, steel, petrochemical, defense and machinery sectors," Chun said.
While acknowledging that experts hold varying views on when the northern Arctic routes may properly operate, the minister said one thing was clear: "That a new maritime route is opening.
"Russia plans to invest 39 trillion won ... the U.S. plans to order 15 ships for the (Arctic routes), and China is already operating in the area," he added.