South Korea to invest $10 billion in Busan Port expansion.
South Korea has announced plans to double capacity of the nation’s largest port in Busan by 2045.
The $10 billion investment plan will see the construction of a new port in Changwon, which will be integrated with the existing Busan Port, effectively doubling its cargo handling capacity.
The Korean government said the decision was to respond to the shifting dynamics of global production and the need for enhanced maritime logistics capabilities amidst geopolitical and climate uncertainties.
Korea’s Ministry of Oceans and Fisheries (MOF) emphasised the importance of this expansion for maintaining Busan Port’s status as a premier global transhipment hub.
The project aims to increase the port’s vessel capacity from 40 to 66 and extend the total berth length from 18.8 kms to 25.5 kms. In addition to the physical expansion, the plan includes the adoption of carbon-free renewable energy sources for port facilities and the provision of green power infrastructure for vessels.
According to MOF, currently, the port handles 76.8% of the nation’s container cargo, giving it ‘strategic importance’ not just domestically but also as a transhipment hub in Northeast Asia.
By Michele Labrut, Americas Correspondent.
Source: Seatrade Martime. https://www.seatrade-maritime.com/ports-logistics/south-korea-to-invest-10-billion-in-busan-port-expansion. 15 December 2024.
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