“Complex shop” was one of a ceremony to open the public pledges Noh Dong-jin made as he was elected chairman of the National Federation of Fisheries Cooperatives (Suhyup) in February 2023.
So-called complex shops have now established themselves as channels for cooperatives in provincial areas to drive growth.
Provincial small-sized cooperatives have had a hard time entering the Seoul metropolitan area due to financial factors.
It was the first time in the financial sector that cooperatives were allowed to open complex shops by sharing part of Suhyup Bank branches’ space.
According to Suhyup, complex shops received 478.5 billion won in total borrowings as of the end of 2024, a rise of 395.3 billion won from a year earlier.
The latest figures accounted for 43 percent of all the cooperatives’ total borrowings.
Nine cooperatives moved into Suhyup Bank branches, where they opened complex shops in October 2023 for the first time.
Six out of the nine, six complex shops turned a profit one year after their opening.
Among them, Hadong-gun Suhyup Cooperative became the first one to open an independent outlet in Seokchon Station in Seoul in February.
Small-sized cooperatives, having struggled to enter the Seoul metropolitan area, have reaped the benefits of complex shops.
Suhyup Chairman Noh said, “Hadong-gun Cooperative’s opening of the latest shop has proved that complex shops can serve as a driving force for the growth of cooperatives, and be a symbol of the development and growth of the complex shop business as well.”
Suhyup Chmn. Noh: Wind Power Law Lays Foundation for Shared Growth Among Fishermen and Wind Power Farms
As for the enactment of the Special Act on Wind Power, Suhyup Chairman Noh Dong-jin said, “It is significant for fishermen and wind power farms to lay a foothold for shared growth, and we will continue to make efforts to reflect the purpose of shared growth for fishermen in the course of creating lower statues.”
Chmn. Noh made the remarks while presiding over a plenary meeting designed to take countermeasures against wind power on March 11.
According to Suhyup, the National Assembly passed the Special Act on Spurring the Spread of Wind Power and Industry Development.
If the special act goes into force, the government will be involved in exploring wind power farm sites and the selection of project winners, which is a departure from project owners’ individual execution.
Views of major stakeholders, including fishermen, will be institutionally guaranteed through consultation between the public and private sectors.
Public water use fees collected from wind power farms in exclusive economic zones will be included in the Fishery Development Fund, so as to support the fishing industry.
Suhyup Transports and Distributes Domestic Live Fishery Products to Japan
Suhyup is embarking on a business of exporting and distributing domestic live fish products to foreign countries.
The step is designed to help fishing-industry households raise revenues by securing sales channels of domestic live fish products.
Suhyup opened a trade business office in Osaka, Japan.
The office is designed to meet Japan’s rising demand of domestic live fish products, such as abalone, halibut and conger.
Suhyup saw exports amount to 300 million won in 2021, when it was allowed to export live fish products to Japan.
The corresponding figure surged to 4.3 billion won in exports last year, a 14-fold increase.
Japan accounted for $659 million, or one-fifth, of the nation’s total export amount.
Korea’s exporting domestic live fish product exports, such as abalone, halibut and conger came to $78 million.
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