Ministry To Cover 70% Of Fishing Vessel Rental Fees For Young Fishers

New Support Introduced for Fishing Gear Purchases Up to 2.5 Million Won
Recruitment for the "Young Fishing Vessel Rental Program" Begins on the 26th

The government will significantly expand support for fishing vessel rental fees to reduce the initial entry burden on young fishers. It also plans to increase the number of beneficiaries and newly provide support for purchasing fishing gear, with the aim of strengthening the foundation for young people to settle in fishing villages.

The Ministry of Oceans and Fisheries announced on the 25th that, from February 26 to March 26, it will be recruiting young fishers who wish to receive support this year under the Young Fishing Vessel Rental Program through the Korea Fisheries Resources Agency (FIRA).

The Young Fishing Vessel Rental Program has been promoted since 2022 to ease the initial cost burden for young people entering the fishing industry, to revitalize coastal fisheries, and to respond to the risk of fishing villages disappearing. Starting this year, the ministry plans to further strengthen the level of support so that more young people can take on the challenge of entering the fishing industry.

First, the support rate for fishing vessel rental fees will be raised from the current 50% to up to 70%. The number of beneficiaries will also be expanded from 25 to 35.

In addition, taking into account the costs incurred when young fishers lease vessels and begin actual fishing operations, the government will newly provide support for fishing gear purchases. It plans to cover 50% of fishing gear purchase costs, up to a maximum of 2.5 million won. This measure reflects the opinions of young fishers in the field and is expected to enhance the effectiveness of the policy.

Choi Hyunho, policy chief of fisheries at the Ministry of Oceans and Fisheries, said, "The Young Fishing Vessel Rental Program is an important policy that both supports the challenges of young people and enhances the sustainability of fishing villages," adding, "We will continue to actively incorporate the opinions of young people so that they can take on the fishing industry without excessive burden and pursue their dreams in fishing villages."