South Korea to Invest over USD 13 Bn in Port Expansions

Image Courtesy: Port of Busan

South Korea has revealed its plans to invest some KRW 14.7 trillion (USD 13.3 billion) into the expansion of the country’s ports, according to data released by South Korea’s Ministry of Oceans and Fisheries (MOF).

The investment, scheduled to be undertaken in the period from 2016 until 2020, is aimed at preparing the country’s ports for the era of mega ships.

Namely, it was understood that the plan covers the expansion of 140 cargo berths, as well as 30 international trade ports and 29 coastal ports.

Additionally, South Korea said that it plans to make Busan the second largest container transshipment hub, while the port of Gwangyang would become the largest industrial port.

The second phase of the Busan New Port expansion project is expected to be completed by 2020, while the third phase of the expansion would increase the number of berths from 21 to 37.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2017 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

10th annual Border Security Conference

The 2017 conference will possibly be the most relevant and topical event to date as we enter our 10th successive year. With the rise of cross…

read more >

4th Ship Recycling Congress

The two day conference will consist of a number of informative presentations followed by interactive Q&A sessions, panel discussions…

read more >

Maritime Reconnaissance and Surveillance Technology 2017

After last year’s huge success the SMi Group is proud to announce the 2nd Maritime Reconnaissance and Surveillance Technology. The event…

read more >

Euromaritime 2017

The Euromaritime event will take place in Europe for three days. This is one of the major and influential trade events dealing with marine…

read more >