Chairman Im Joon-taek of the National Federation of Fisheries Cooperatives, also known as Suhyup, said, “For Suhyup, celebrating its 60th anniversary, 2022 will be the first year it recovers its functions after an early repayment of public funds.”
Chairman Im said Suhyup is expected to pay back all of the funds which have so far impeded the cooperatives’ functions.
Suhyup is now in negotiations with Korea Deposit Insurance Corp. to repay 818.3 billion won in outstanding public funds this year, 6 years ahead of schedule.
Suhyup’s advanced repayment is a reflection of Chairman Im’s determination to return to normal the federation’s roles to support the fishing industry, which remains stuck in a crisis.
In his New Year’s message, Im said, “Suhyup made a great feat of logging the best-ever profit in the consecutive second year last year. Based on this fruition, he said Suhyup will make this the first year of restoring its functions to normal through early repayment of outstanding public funds.”
“Following the repayment of the public funds, Suhyup will return profits from Suhyup Bank to people in the fishing industry, cooperatives and the fishing industry, and in doing so, Suhyup will be transformed into a full-fledged renewed federation of cooperatives, taking off 20-year bridle of public funds,” he said.
To this end, Chairman Im has been credited for having made preparations, such as lowering the tax burden Suhyup shoulders, by talking through the Ministry of Economy and Finance, other ministries and the National Assembly to approve a revision of the Special Act of Taxes.
Suhyup’s record annual profits are also sure to play a part in paving the way for advancing the repayment of the public funds.
Chairman Im, in his first year in office, was recognized for turning a profit in 2019. Despite the COVID-19 pandemic, the federation chalked up a record 96.9 billion won in net profit in 2021. Suhyup was predicted to establish another record profit last year.
Suhyup conducted a reorganization in 2021, in which the Sailor Support Department was inaugurated and the Fishing Village Support Department changed into the Fish Raising Support Department by absorbing a function of supporting the fish raising industry.
Chairman Im Joon-taek of the National Federation of Fisheries Cooperatives looks into the sale of Korean fisheries products at a U.S. H-Mart outlet.
The conventional planning department was revamped into the planning and coordination department to reinforce Suhyup’s overseeing all businesses.
In the reorganization, the asset management department in charge of managing assets was disbanded and the Noryangjin Development Project was handed over to the Management Strategy Department.
Chairman, in his 4th and final year in office, said Suhyup, marking the 60th anniversary, will make its utmost to make this year a year of being a watersheds moment in its history.
Looking back at last year in a newspaper interview, Chairman Im said that despite the adverse impact of the pandemic, it was significant for Suhyup to have renewed the best-ever profit every year.
Chairman Im has pondered how to raise Suhyup’s support to industry people and member cooperatives since he took office. To this end, Im said, Suhyup has focused on improving profitability.
Chairman Im said more than 20 years have passed as Suhyup’s banking business failed to return its profit to fishermen.
Suhyup’s early repayment of the outstanding public funds will have a positive impact to cope with lots of pending issues, such as the discharging of Japan’s polluted nuclear plant water into the sea and the construction of wind power farms.
Chairman Im said about 200 billion won from Suhyup Bank’s annual profit will be used to support fishermen following the early repayment of the outstanding public funds.
The government set aside about 2.8 trillion won for its budget for the fishing industry sector this year, and on top of the government budget, it would allow additional 10- percent support.
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