S. Korea to spend W30b won to support fishery industry

South Korea said Tuesday it will allocate 30 billion won ($24.2 million) to fishing businesses hit hard by the economic fallout from the global spread of the new coronavirus.

The decision came amid a sharp decrease in the consumption of seafood from home and abroad due to the COVID-19 epidemic.

South Korea said it will provide 20 billion won in loans with a low interest rate of 1.3 percent to local aquaculture households whose sales have tumbled by 15 percent or more in February from a month earlier, according to the Ministry of Oceans and Fisheries.

Each household can receive up to 10 million won.

Another 10 billion won will be provided to other fishery businesses facing a financial crisis due to the sharp decline in the market price of seafood, the ministry said.

South Korea's exports of fishery goods decreased 6.1 percent to $155 million in February from a year earlier, according to the Korea Maritime Institute. (Yonhap)