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Seoul (ANTARA News/Asia Pulse) - South Korea plans to allocate 7.09 trillion won (US$6.24 billion) in investment funds and loans to the local fisheries industry in a bid to make the country the world's 10th largest fisheries good producer by 2014, government officials said today.

The Ministry for Food, Agriculture, Forestry and Fisheries outlined in a report that total fisheries production is projected to reach 3.70 million tons in the target year from 3.36 million tons in 2008. With the plan, South Korea also aims to raise its exports to $2.50 billion from $1.45 billion reported for 2008.

Under the plan, the government will create 7,000 hectares of underwater kelp forests around the Korean Peninsula to make better habitats for aquatic life and build 50 new so-called sea ranches. The sea ranches built near the shore can increase hauls while cutting back on costs.


Source:
Business in Asia Today - March.15, 2010
published by Asia Pulse

Editor: Ricka
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