No foreigner (includign a majority foreign-owned Korean company) may conduct fishery activities in an Specifically Prohibited Zone [coastal zone] within the exclusive economic zone. Elsewhere, the licensing authority must consult in advance with the Minister of Oceans and Fisheries to grant a fishery business license or permit to a foreigner, a foreign corporation or a Korean-incorporated corporation with 50% or more foreign investment. An acquisition by a foreigner or foreign corporation of a right to fisheries in Korea may be banned or restricted if the foreign acquirer's country of origin bans or restricts the acquisition of any right to fisheries within its territory by Korean citizens or corporations.
"Article 5 (Granting Fishery Business License, etc. to Foreigners)
(1) The Mayor/Do Governor or the head of a Si/Gun/Gu shall consult in advance with the Minister of Oceans and Fisheries to grant a fishery business license or permit prescribed by Presidential Decree to a foreigner or foreign corporation. 
(2) Paragraph (1) shall also apply where a foreigner or foreign corporation makes investments in a citizen of the Republic of Korea or to a corporation (including a corporation in the course of incorporation; hereafter the same shall apply in this Article) incorporated under any Act of the Republic of Korea, for the purpose of engaging in a fishery under paragraph (1), and the ratio of the investments in such citizen or corporation reaches at least 50 percent or the voting rights so acquired takes a majority.
(3) As to an individual, a corporation or an organization from a country that bans or restricts the acquisition of any right to fisheries within its territory to a citizen of the Republic of Korea or to a corporation or an organization established pursuant to any Act of the Republic of Korea, a ban or restriction equivalent or similar to that is imposed by such country may be imposed with respect to the acquisition of a right to fisheries within the territory of the Republic of Korea.[...]" (Fisheries Act (No. 295 of 1953), last amended by Act No. 18288 of 2021, Article 5 [unofficial translation])
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"Article 2 (Definitions)
The terms used in this Act shall be defined as follows: <Amended by Act No. 11690, Mar. 23, 2013>
1. The term "exclusive economic zone" means a zone created in accordance with the Exclusive Economic Zone Act;
2. The term "foreigner" means any of the following persons:
(a) A person who is not a national of the Republic of Korea;
(b) A corporation established in accordance with any foreign law (including a corporation established in accordance with the laws of the Republic of Korea with its head office or principal office in a foreign country, or a corporation with no less than 1/2 of its stocks or shares under the ownership of a foreigner);
3. The term "fisheries" means a business involving the capture, picking, or cultivation of marine animals and plants;
4. The term "fishery activity" means fisheries or a search and gathering activity related to fisheries; keeping, storage, and processing of fishery products; transportation of the catch and its products; supply of materials necessary for vessels; and other acts related to fisheries, as stipulated by Ordinance of the Ministry of Oceans and Fisheries.
Article 3 (Scope of Application, etc.)
(1) Where a foreigner conducts fishery activities in an exclusive economic zone, the provisions of this Act shall apply, notwithstanding the Fisheries Act and the Fishery Resources Management Act.
(2) Where any matter provided for in this Act is determined differently in an agreement with a foreign country, the agreement concerned shall take precedence.
(3) The provisions of the Acts and subordinate statutes stipulated by Presidential Decree shall not apply to fishery activities conducted by foreigners in an exclusive economic zone, notwithstanding Article 5 (1) of the Exclusive Economic Zone Act.
Article 4 (Prohibition of Fishery Activities in No Take Zones)
No foreigner may conduct fishery activities in an exclusive economic zone set by Presidential Decree for the purpose of protecting fishery resources or regulating fisheries (hereinafter referred to as "no take zone").
Article 5 (License for Fisheries, etc.)
(1) Each foreigner who intends to conduct fishery activities in an exclusive economic zone other than a no take zone shall obtain a license for each vessel from the Minister of Oceans and Fisheries. <Amended by Act No. 11690, Mar. 23, 2013>
[...]
Article 10 (Restrictions or Conditions on Licenses, etc.)
When the Minister of Oceans and Fisheries grants a license under Article 5 (1) or approval under Article 8 (1), the Minister may impose restrictions or conditions thereon, and change such restrictions or conditions. <Amended by Act No. 11690, Mar. 23, 2013>[...]" (ACT ON THE EXERCISE OF SOVEREIGN RIGHTS ON FOREIGNERS’ FISHING, ETC. WITHIN THE EXCLUSIVE ECONOMIC ZONE, ,Act No. 5152, Aug. 8, 1996, as amended)
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"Article 2 (Specifically Prohibited Zone)
A Specifically Prohibited Zone [coastal zone] referred to in the provisions of Article 4 of the Act on the Exercise of Sovereign Rights on Foreigners’ Fishing, etc. within the Exclusive Economic Zone (hereinafter referred to as the "Act") shall be listed in the annexed Table. <Amended by Presidential Decree No. 19976, Mar. 27, 2007>[...]" (ENFORCEMENT DECREE OF THE ACT ON THE EXERCISE OF SOVEREIGN RIGHTS ON FOREIGNER’S FISHING, ETC. WITHIN THE EXCLUSIVE ECONOMIC ZONE, Presidential Decree No. 15449, Aug. 6, 1997, as amended)


Fisheries Act (No. 295 of 1953), last amended by Act No. 18288 of 2021, Article 5
ACT ON THE EXERCISE OF SOVEREIGN RIGHTS ON FOREIGNERS’ FISHING, ETC. WITHIN THE EXCLUSIVE ECONOMIC ZONE, Act No. 5152, Aug. 8, 1996, as amended
ENFORCEMENT DECREE OF THE ACT ON THE EXERCISE OF SOVEREIGN RIGHTS ON FOREIGNER’S FISHING, ETC. WITHIN THE EXCLUSIVE ECONOMIC ZONE, Presidential Decree No. 15449, Aug. 6, 1997, as amended
[<a href="https://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=233109&ancYd=&ancNo=&efYd=20210615&nwJoYnInfo=Y&ancYnChk=0&efGubun=Y&vSct=*#">Act</a>],[<a href="https://www.law.go.kr/LSW/eng/engLsSc.do?menuId=2&query=FISHERIES%20ACT#liBgcolor3">Act_Eng</a>],[<a href="http://extwprlegs1.fao.org/docs/pdf/kor21096.pdf">Act</a>],[<a href="http://extwprlegs1.fao.org/docs/pdf/kor136728.pdf">Decree</a>]