Shinan-gun, Nationwide First Fishing Boat Rental Business Income Soars

Breathing New Life Through the Influx of Young Return-to-Fishing Residents

[Sinan=Asia Economy Honam Reporting Headquarters Reporter Choi Jae-kyung] Sinan-gun, Jeollanam-do, which introduced the "Fishing Vessel Rental Project for Returning Youth" nationwide for the first time in 2019 and has been operating it to date, is not only enhancing the project’s effectiveness through continuous support but also giving warm hope to young fishermen who have come to Sinan.

This project has been fully funded by the county government since the 7th local government term to support young fishermen who want to engage in fishing but face difficulties due to circumstances in securing a fishing base.

The fishing vessel rental project involves Sinan-gun purchasing fishing vessels and gear and leasing them to fishermen. The fishermen pay a rental fee of about 0.5% annually on the principal amount invested for purchasing the vessels and gear. Once the principal repayment is completed, ownership of the vessel is transferred to the fishermen.

Since 2019, the county has supported the project with 3.2 billion KRW of county funds, leasing a total of 11 vessels (4 in Heuksan, 2 in Bigeum, 2 in Ha-ui, and 1 each in Jeungdo, Docho, and Anjwa) and is currently operating them. After more than two years since the project started, it has generated a total income of 2.2 billion KRW, showing significant effects.

In particular, Sinan-gun has continuously requested national government funding support for the project since 2019. From this year, the Ministry of Oceans and Fisheries has commissioned the Korea Fisheries Resources Agency to implement a separate project (Youth Fishing Vessel Rental Project) that differs in nature from Sinan-gun’s fishing vessel rental project.

A Sinan-gun official stated, “According to the demand survey results up to 2022, 215 fishermen applied for 118 vessels, showing high popularity. If the COVID-19 pandemic ends or the economy revitalizes, the number of people returning to fishing villages will increase, and demand for this project will also rise.” He added, “If the benefits of the national government-funded project implemented by the Korea Fisheries Resources Agency expand, it is expected to provide more benefits to young fishermen coming to the region.”

Park Woo-ryang, Mayor of Sinan-gun, said, “Our goal is to build a prosperous Sinan where young people return to the Angel Island Sinan, find jobs, and increase their income. We plan to continuously support fishermen and young people wishing to return to fishing so that Angel vessels can increase from Angel No. 11 to Angel No. 100 and Angel No. 200.”

Meanwhile, Sinan-gun plans to secure an additional 500 million KRW of county funds this year to continue the project.