A Study on the Overseas Investment of Fisheries under the 200 Nautical Miles System

200해리 제도와 어업합작투자에 관한 소고

The international marine system was plunged into the age of divided occupation with the adoption of the United Nations Convention on Law of the Sea in April, 1982. The exclusive economic zone of 200 Nautical miles set up by the Convention confirms the assertions of many coastal states whose fishing industries are not well-developed. However, it is unfavorable to the countries whose fisheries are being carried on in deep-sea, because the coastal state has sovereign rights to conserve and manage living resources in it. Under the circumstances the Korean deep-sea fisheries had to find ways out of the difficulties. The ways may be divided into two ways, namely, licensed fishing and joint-venture fishing. The former type becomes unfavorable to foveign fisheries because of decreasing quarts, rising fees and remunerations. The latter type properly meets the wishes of countries concerned and has some merits. However, there is a possibility of bearing the risk in case of investment in developing countries. The insurance system is effective to make up for the loss from the risk, although not perfect. The deep-sea fisheries depressed now by accumulated difficulties need more financial support from the Goverment for the active promotion of overseas joint-venture.