Large companies will be allowed to enter the aquaculture sector for select items as the South Korean government plans to ease regulations barring conglomerate entry. ??
“We need large-scale capital to nurture the fisheries sector,” said Minister Seo Gyu-yong of the Ministry of Food, Agriculture, Forestry and Fisheries (MIFAFF) in an interview with the Maeil Business News last Thursday. “We are planning to abolish the current ban on large company entry into the aquaculture industry,” he said. ??
Current regulations disqualify companies with more than 1,000 full time employees and capital asset over 500 billion won ($443.6 million) from obtaining fisheries licenses. This law has prevented large company entry into marine farming, shellfish farming, and fish farming that could have benefited from large capital inflow.
