South Korea will pump KRW 14trn ($9.76bn) to transform Busan’s port into the world’s third-largest by 2045, the country’s Ministry of Oceans and Fisheries has announced.
The government aims to circumvent supply chain uncertainties with the expanded facilities.
“The restructuring of supply chains due to the strengthening of protectionism, regional disputes, and changes in shipping alliances presents both a crisis and an opportunity for our ports,” minister of oceans and fisheries Kang Do-hyung 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.”
To that end, the South Korean government will build Jinhae Port in Changwon, which is near Busan, and integrate it with Busan Port by 2045.
Container capacity at the new combined Busan Port 1 will be 39.66m teu by 2045, from 21.2m teu in 2023.
The total berth length at the new Busan Port 1 will also be extended to 25.5 km, compared to the current 18.8 km, while 26 new berths will be added to the current 40 berths.
South Korean authorities also announced plans for a single operator for all nine berths in the first phase of Jinhae New Port. The operator will handle alliance cargo entirely, enabling efficient berth management.
The government also plans to expand overseas logistics centres in South East Asia and Europe hubs.
Efforts will also be made to secure shares and operational rights in major hub terminals, including ports on the East and West coasts of the US, to ensure smooth export and import logistics.
There is also a focus on reducing the port’s carbon footprint.
Busan Port 1 will gradually increase its share of renewable energy generation within the port to 50% by 2032 and 100% by 2050. This includes creating infrastructure to supply eco-friendly ship fuel, contributing to achieving carbon neutrality goals.
