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Wednesday May 14, 10:42 AM
S. Korea to Build up Private Yacht, Marine Leisure IndustrySEOUL, May 14 Asia Pulse - South Korea plans to build up its private yacht and marine leisure sector as a future growth industry, the government said Wednesday. The Ministry of Knowledge Economy said the marine leisure sector promises solid growth and could help diversify and expand the country's dominance in the world shipbuilding industry.
The industry covers luxury yachts, motor boats, jet skis, sailing vessels and windsurfing boards. "The government is considering tax breaks, building more marinas and easing regulations on boat operations to fuel domestic interest that can lead to greater production," a official said. He said most of the current demand is centered around the United States, Australia and Western European countries, but a growing number of orders are coming from Asia. There were about 8,000 private boats and marine leisure craft in South Korea as of 2006, up sharply from 3,700 in 2000. The number is expected to grow to 25,700 in 2012 with the market ballooning to 700 billion won (US$667 million). The ministry said the marine leisure sector is attractive because South Korea has the basic infrastructure to make boats and related items like engines as well as navigation and communication systems. At present, most of the value-added boats and yachts are made abroad. It added an active marine leisure industry could fuel new business opportunities in the financial, insurance and general service sectors as well as create new jobs at manufacturing companies and smaller shipyards. As of 2006, there were 1,400 dedicated marine leisure companies and shipyards in the world that hired roughly 930,000 workers. (Yonhap)
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