A picture of the Dokdo islets taken from a Korean Navy P-3C maritime patrol aircraft

For Ulleung Island residents living on fishing, the Dokdo islets are a livelihood in themselves, with some 60 percent of their catch coming from waters around Dokdo. The entire catch of Ulleung Island last year was 4,903 tons (worth W12.9 billion or US$12.9 million), of which 2,900 tons (W7.6 billion) were caught round Dokdo.

"Were we barred from fishing around Dokdo, we'd have no alternative but to seek another means of livelihood; we'd have to give up fishing or leave Ulleung Island," said Kim Jong-gil, 53, a fisherman on the island.

The entire land of Dokdo would cost no more than W273 million at a price of W5,000 per pyeong (1 pyeong = 3.3 square meters). But Dokto has tremendous value beyond even the fishing. Some estimate the islets' value at tens and hundreds of trillion won. Not a few analysts say Japan covets them because of their boundless economic value.

Some 600 million tons of gas hydrate - natural gas condensed into semisolid form - are believed to be deposited along the broad seabed extending from Dokdo to Guryongpo, North Gyeongsang Province. Gas hydrate is a next-generation energy source that could translate into liquid natural gas if adequate technology is made available.

The 600 million tons of liquid natural gas this would produce are 30 times Korea's LNG imports last year. Converted into money, they are worth $150 billion (W150 trillion).

"Given that our LNG reliance accounts for 12 percent of our total demand for energy, the gas hydrate deposits constitute a tremendous energy source," said Bail Young-soon, of the LNG Technical Center at Korea Gas Corp. "Chances are high that another energy resource will be uncovered near Dokdo."

Dokdo also has resources of deep ocean water, which is more expensive than oil. Imported from Japan, it is sold at more than W8,000 (US$8.04) a liter. Located 200 meters under Dokdo, the deep ocean water is rich in nutrients like nitrogen and phosphor but free from microbes as the temperature is low and sunlight does not penetrate.

Countries around the world are trying to make food with deep ocean water, and the volume of its market is estimated at W2 trillion a year in Japan.

Dr. Kim Hyun-joo, a researcher at the Korea Ocean Research and Development Institute, said 90 percent of seawater in the East Sea was deep ocean water. Since the coastal areas near Dokdo slope more steeply than elsewhere, developing them would not be too expensive, he added.

Dokdo and neighboring areas abound with plankton and a variety of fish including cod and flatfish because there the North Korean Cold Current meets the Tsushima Warm Current. National Fisheries Research and Development Institute researcher Lee Dong-won said as a pair of volcanic islands Doko was ecologically valuable because it is home to diverse ecosystems from seaweed to shrimps and shells.

Dokdo is also important as an outpost for oceanic science. The government is planning to establish a base there and expects basic scientific data on wave height and ocean currents near the islets to help more accurate weather forecasts. It will also carry out research to maintaining the ecological balance of the islets, which are valuable because they are home to various finny tribes, 70 kinds of plants and natural monuments.

(englishnews@chosun.com )