Thursday, 22 May 2008
(www.bymnews.com)

A report on the market in South Korea prepared by Boating Industry Consultant Mike Derrett, who has been appointed as Special Advisor to Gyeonggi Province Governor Kim Moon-So, has identified South Korea is one of the most affluent countries in Asia and with much potential to grow as a leisure boating market. Key points identified by Derrett are that South Korea is now number 13 in the world ranking for gross domestic product with GDP per head at 24,000 US$. With the rise in the economy and more leisure time with a five day working week, boating has become a much more attractive activity.

The report goes on to state that the reduction in tension between North Korea has meant that much of the coastline is now available for boating, rules and regulations for the use of a leisure boat are also very transparent giving a green light for the development of boating. This is in distinct contrast to some other Asian countries such as China where the development of boating is being held back by outdated rules and regulations geared to commercial shipping. Development in marinas is also being actively promoted by the Provincial Governments in Korea. Currently three marinas exist in Korea with at least twelve other projects actively under way including four in Gyeonggi Province that are being directly funded by the Province and will be completed over the next four years with a total of 1,000 berths.

The Derrett report identifies the current number of leisure boats excluding dinghies at 5,000, which puts the market size similar to Hong Kong and Singapore in terms of total boats, however with a much larger population of 46 million people and a large coastline South Korea has excellent potential for growth to become one of the key leisure boating markets in Asia. Gyeonggi Province is also ideally placed to grow a manufacturing cluster with a skilled and efficient work force and a strong manufacturing culture that receives Province Government support for Foreign Direct Investment.

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