Government and Local Authorities Inject 30 Billion Won Emergency Fund to Save Wando's Abalone Industry from the Brink

Dramatic Five-Party Agreement Including the Ministry of Oceans and Fisheries and Local Authorities
Focus on Consuming 5,000 Tons of Surplus and Processing at the Production Site
Jiwon Park: "I Will Oversee Budget Securing to the End"

The government, local authorities, lawmakers, and the abalone industry have united as "one team" to support the Wando abalone sector, which has been pushed to the brink due to plummeting prices and oversupply.

On July 22, the Ministry of Oceans and Fisheries, the Jeonnam-Gwangju Integrated Special City, Wando County, and the Korea Abalone Industry Association held a meeting at the Wando Seafood Export Logistics Center and reached a decisive agreement on a "Comprehensive Measures to Revitalize the Abalone Industry" package worth a total of 30 billion won.

This outcome was the result of a three-and-a-half-hour marathon meeting organized by the office of Assemblyman Jiwon Park. In response to the urgent needs of those within the industry, the parties devised concrete solutions that address both immediate and medium-term supply-demand stabilization, as well as long-term export competitiveness.

The Ministry of Oceans and Fisheries, Jeonnam Gwangju Integrated Special City, Wando County, and the Korea Abalone Industry Association have reached an emergency agreement on the "Comprehensive Plan to Revitalize the Abalone Industry." Photo by Congressman Jiwon Park's office

Promoting Consumption of 5,000 Tons by the First Half of Next Year... Structural Volume Reduction in Parallel

The top priority of these measures is to urgently clear excess stock. To this end, the focus will be on promoting the consumption of 5,000 tons of surplus production by the first half of next year. The Ministry of Oceans and Fisheries will oversee large-scale distribution network connections and compensate for promotional price gaps, while local governments and industry will be specifically tasked with on-site promotions, ensuring clear division of duties. At the same time, structural measures are being introduced to prevent chronic oversupply. Starting from 2027, 10 billion won will be invested to reduce 50,000 cages in the initial abalone farming facilities.

In addition, as part of the 4,000-ton public purchase pledged by the Jeonnam-Gwangju Integrated Special City, an initial 1,000 tons will be purchased as a first step. The Korea Abalone Industry Association's self-help fund for internal promotion and marketing efforts will also be greatly expanded, from 1 billion won this year to 3 billion won next year.

Mid- to long-term strategies for fundamental structural improvements are also being expedited. To move beyond a focus on live abalone distribution, a large-scale processing center with a budget of 20 billion won will be established in Wando County.

The plan is to avoid price wars with cheap imported live abalone and instead build global export competitiveness by focusing on value-added processed products. This approach is being recognized as a fundamental solution for stabilizing the abalone supply-demand balance.

'Execution' Is the Key Challenge Behind the Achievements... Second Meeting Before Chuseok to Be a Turning Point

It is encouraging that each stakeholder has presented practical strategies that leverage their strengths in distribution, public procurement, and on-the-ground data. However, there are still several issues that must be addressed to deliver tangible benefits to fishermen and industry members.

Chief among the items to be clarified at the second meeting before Chuseok are: ensuring a specific budget allocation and solidifying target volumes for consuming 5,000 tons; operating temporary processing facilities to address the gap before the completion of the main processing center; and establishing a clear follow-up implementation roadmap after the initial public purchase.

Assemblyman Jiwon Park said, "This meeting and agreement represent the first step for the central government, local government, and abalone industry workers to save the abalone sector from crisis," adding, "I would like to express my deep appreciation to the Ministry of Oceans and Fisheries, the Jeonnam-Gwangju Integrated Special City, and Wando County for coming together in solidarity and offering their active cooperation."

He went on to stress, "Going forward, I will meticulously monitor the progress of this plan to ensure smooth implementation, and I will do everything in my power, especially when it comes to securing the necessary budget."

This content was produced with the assistance of AI translation services.