FIJI stands to gain $55.5 million from marine mineral research after the launch of the region's first ever sea floor massive sulphide exploration exercise yesterday.
It follows the launch of the sea floor massive sulphide exploration by Korea Ocean Research and Development Institute on board the Korea research vessel Onnuri in Suva yesterday.
This as bilateral trade between the two countries is expected to reach $100million within the next one to two years.
Over the next six years, the Korean consortium of marine mineral research developers will explore the three designated areas of Fiji's Exclusive Economic Zone for sea floor massive sulphide.
The Mineral Resources Department said Korea was the principle applicant of the $1million SMS exploration licence topping the list ahead of Australian-based multinational company Nautilus Mineral.
Korean ambassador to Fiji Hae-wook Cheong said the exploration in the north western areas of Fiji's EEZ, which was the North Fiji Basin west of Yasawa Island group ù followed the approval of the licence in November last year.
And bilateral trade is expected to grow in view of the planned business and trade delegation from Fiji during the Yeosu Expo from May to August, Mr Hae-wook said.