Home > Business > Industry

New Gunsan fisheries complex draws $123 million investment

Published: 29 Oct. 2024, 17:23 Updated: 29 Oct. 2024, 19:31

KIM JU-YEON
[email protected]

A Pulmuone researcher examines seaweed in a tank where it is farmed. [PULMUONE]

Regional governments, state agencies and 12 marine food businesses signed an investment deal worth 173 billion won ($123 million) on Monday ahead of their entry into the Saemangeum Fisheries Products Export Processing Complex in Gunsan, North Jeolla.

The complex is part of Gunsan’s project to foster fisheries and seafood processing plants in the region. It consists of smart factories, research and development (R&D) and manufacturing facilities as well as a center for export cooperation on 133,000 square meters (32 acres) of land lent by the Saemangeum Development and Investment Agency. Around 100,000 square meters of the area will be used for production facilities built by private firms, which Gunsan's fisheries committee selected.

All manufacturing plants are expected to complete construction by 2026 and will produce items such as pickled food, ready-made-meals, frozen food and gim (dried seaweed).

From sixth from left, North Jeolla Deputy Governor of Economy Kim Jong-hoon, Gunsan Mayor Kang Im-joon, Pulmuone CEO Lee Hyo-yul, Saemangeum Development and Investment Agency administrator Kim Kyung-ahn and Korea Rural Community Corporation Saemangeum Business Head Ahn Jae-ho pose for photos with other business executives after signing a memorandum of understanding at the Gunsan Saemangeum Convention Center on Monday. [PULMUONE]

North Jeolla Deputy Governor of Economy Kim Jong-hoon, Gunsan Mayor Kang Im-joon, Korea Rural Community Corporation Saemangeum Business Head Ahn Jae-ho, Saemangeum Development and Investment Agency Administrator Kim Kyung-ahn and business executives signed the deal at the Gunsan Saemangeum Convention Center.

Lee Hyo-yul, CEO of plant-based food company Pulmuone, signed an agreement under which the firm will create an R&D center for land-farmed seaweed cultivation and gim production facilities within the complex, all of which will break ground in the beginning of 2025 and complete construction by the end of that year, the company said Tuesday. Pulmuone will invest 6 billion won in the facilities over five years under the deal.

Pulmuone's gimbap (seaweed rice rolls) using land-farmed seaweed was on display at the company's exhibition at food innovation trade show SIAL Paris 2024 that ran for five day from Oct. 19. [PULMUONE]

Pulmuone plans to use the harvested land-farmed seaweed in commercial products that will be released by 2027. The company showcased its gimbap (seaweed rice rolls) at SIAL Paris 2024, which was featured in the SIAL Innovation Selection exhibition.

Onshore seaweed cultivation allows for greater control of environmental conditions, making year-round farming more feasible and reducing the risk of disease and contamination. The relevant technology will become increasingly important as oceans continue to heat up and lose nutrients, the company said.

BY KIM JU-YEON [[email protected]]