South Korea’s oceans ministry said Wednesday the government will invest 14 trillion won (US$9.75 billion) through 2045 to upgrade Busan Port, aiming to achieve the world’s largest container handling capacity and establish it as the leading logistics hub in the region , according to Yonhap.
Under the plan, South Korea will construct a new port in Changwon, near Busan, integrating it with the existing Busan Port to create an unified “mega port” with double the current cargo handling capacity, according to the Ministry of Oceans and Fisheries.
“Amid the relocation of production facilities due to the conflict between the U.S. and China, along with geopolitical uncertainties and climate challenges, the maritime logistics industry is facing increased uncertainty,” the ministry said.
“To maintain Busan Port’s reputation as a global transshipment hub and its competitiveness , we need to pursue strategies that connect the development of the new and existing ports ,” it added.
Under the blueprint, the new mega port will have the capacity to accommodate 66 vessels, up from the current limit of 40. The total berth length will also be extended to 25.5 kilometers, compared to the current 18.8 kilometers, according to the ministry. South Korea will also gradually introduce port facilities utilizing carbon-free renewable energy sources, alongside infrastructure to supply green power to ships.