Faroe Islands Seafood Business Matching Day held in Busan to expand North Atlantic Seafood cooperation. Major seafood companies from the Faroe Islands visited Busan on June 12, 2026, to hold business consultations with South Korean seafood companies.
The “2026 Faroe Islands Seafood Business Matching Day” was held at Wyndham Grand Busan in Songdo, Busan. The event was organised to introduce the seafood resources and supply capabilities of Faroe Islands companies and to create practical business opportunities with Korean seafood processors, distributors, importers, exporters, and trading firms.
Key participating companies from the Faroe Islands included North Pelagic, Bakkafrost, Pelagos, and Varðin Pelagic. During the event, these companies held consultations with Korean seafood-related businesses and discussed supply conditions, processing cooperation, distribution opportunities, and possible entry into the Korean market.
The Faroe Islands, located in the North Atlantic, are known as a major supplier of seafood products such as salmon, mackerel, cod, and capelin. Interest from the Korean seafood industry has been increasing as global supply conditions for key raw materials remain unstable.
In particular, the recent reduction in Atlantic mackerel TAC and lower catch volumes of species such as cod and capelin have increased the need for Korean companies to diversify overseas seafood supply sources.
During the matching event, participating companies introduced their businesses and held one-on-one consultations with Korean buyers.
Discussions focused on raw material procurement, processing partnerships, distribution network expansion, and the development of new trading relationships.
However, one of the challenges in expanding seafood trade between South Korea and the Faroe Islands is the absence of a free trade agreement between the two sides. As no FTA is currently in place, seafood imports from the Faroe Islands may be subject to tariffs when entering the Korean market.
This tariff burden could act as an obstacle to price competitiveness. However, if tariff-related issues or institutional barriers are eased in the future, seafood trade between South Korea and the Faroe Islands is expected to expand further.
Union Forsea Corp. analysed that the Faroe Islands Seafood Business Matching Day provided Korean seafood companies with a valuable opportunity to directly review North Atlantic seafood supply channels and explore new partnerships for raw material sourcing and supply diversification.
Source : UNION FORSEA CORP.
Image: Union Forsea Corp.