South Korea to invest about $10 billion to expand Busan port

SINGAPORE (ICIS)–South Korea will invest won (W) 14 trillion ($9.78 billion) to build a new port in the southern city of Changwon, as part of its plans to upgrade Busan Port.

It will be unified with Busan Port to become a new “mega port”, raising its vessel capacity to 66 when it is completed in 2045 from 40 currently, the Ministry of Oceans and Fisheries said on Wednesday.

Busan Port is South Korea’s largest and the second-largest transshipment port globally.

Its total berth length will be extended to 25.5 kilometers (km) compared with 18.8km currently, according to the ministry.

South Korea needed to increase its global competitiveness amid port expansions in China and Singapore; as well as increased supply chain uncertainties due to “escalating trade disputes between countries” and conflicts in the Middle East, the ministry said.

($1 = W1431.8)