- Establishment of a consolidated fund of contributions to the IMO expected to allow efficient management of finances
- Mid- to long-term cooperation projects to be identified and implemented to promote shared growth with developing economies

 

 

 On November 28th (local time, England), the Ministry of Oceans and Fisheries (Minister Cho Seung Hwan) entered into a Comprehensive SMART-C* Trust Fund Agreement with the International Maritime Organization (IMO) at the IMO’s London headquarters whereby Korea is to contribute an average of KRW 8 billion (as of 2023) to the IMO annually.

 

 * SMART-C: Sustainable MARitime Transport Cooperation

 

 

 The SMART-C* Trust Fund is a fund programme that is expected to strengthen Korea-IMO cooperation as it is used to identify and implement medium to long-term aid projects with IMO member states, including developing economies.

 

 The Comprehensive Agreement includes the consolidation of funds previously contributed by the Ministry of Oceans and Fisheries to the IMO for various projects* intended to support developing economies in strengthening their maritime safety and marine environment management capabilities, with the objective of enabling more efficient budgeting and project implementations.

 

 * Korea-IMO Integrated Technical Cooperation Programme (ITCP) (KRW 800 million/year), Special Secretary General Trust Fund (KRW 2.2 billion/year), Korea-IMO Cooperative ODA (5 new projects in 2023, 2023–2027: total of KRW 26.5 billion; 1 new project in 2024, 2024–2028: KRW 9.4 billion)

 

 

 The Ministry of Oceans and Fisheries signed a Letter of Intent with the IMO at the end of last year, according to which the Comprehensive Agreement was prepared in 2023 through several working-level discussions regarding the project scope, size of the budget, and detailed project implementation plans. The signing ceremony was held at the plenary session of the 33rd IMO Assembly, where member states from around the world were gathered. The agreement was signed by Minister Cho Seung Hwan of Oceans and Fisheries and Secretary-General Kitack Lim of IMO.

 

 Under the agreement, MOF and IMO will identify and implement mid- to long-term capacity-building projects in developing economies, including decarbonization and digital research projects and various scholarship programs. In addition, the two organizations will ensure smooth project implementation through annual project review meetings and sharing of project outcomes.