South Korea’s Oceans Ministry unveils record 2027 budget to drive maritime growth

SEJONG -- South Korea’s Ministry of Oceans and Fisheries has proposed an 82.6 trillion won ($59 billion) budget for 2027, up 10.8 percent from this year, with increased spending planned for fisheries, ports, marine technology and coastal communities. The proposed increase would be the largest annual growth rate in the ministry’s budget since it was reestablished in 2013, the ministry said in a proposal pre-briefing Monday. Under the proposal, 38.8 trillion won would go to fisheries and coastal c