Busan Port Authority Designated as Implementer of 'Busan New Port North Container Terminal Phase 2 Hinterland Complex'

Busan Port New Port Master Plan.

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries announced on the 16th that it has designated Busan Port Authority as the project implementer for the "Phase 2 Port Hinterland Development Project of the North Container Terminal at Busan New Port" on the 17th.

This development project involves developing Yokmangsan located in the hinterland area of the North Container Terminal at Busan New Port to additionally create a 520,000㎡ port hinterland. The estimated project cost is 805.3 billion KRW, and the project period is from 2020 to 2030.

The Ministry of Oceans and Fisheries has been promoting this project as a publicly-led development method by a public institution to efficiently create and manage the port hinterland and to reduce national budget by utilizing the stone materials generated during the development of Yokmangsan for the development of Busan Port's Second New Port.

Accordingly, Busan Port Authority, which has experience in port development and management including the development of nearby port hinterlands and the opening of the Yokmangsan main road, and stone supply, and passed the public institution preliminary feasibility study (November 2019), was designated as the final project implementer. Previously, from September 2011 to October 2018, Busan Port Authority supplied about 20 million ㎥ of stone secured from Yokmangsan for port construction while promoting the main road construction project of Busan New Port.

In this project, Busan Port Authority plans to utilize 28 million ㎥ of earth and stone generated during the creation of the port hinterland at Yokmangsan as construction materials for the development of Busan Port's Second New Port. Additionally, the port hinterland created through the development of Yokmangsan will attract high value-added logistics and manufacturing companies to generate port cargo volume and revitalize the port hinterland.

Hong Won-sik, Director of Port Development at the Ministry of Oceans and Fisheries, said, "The stone materials generated through the development of Yokmangsan will not only serve as a stable supply source for the development of Busan Port's Second New Port but can also be used as alternative aggregates for port construction, which had been difficult to secure due to the suspension of sea sand extraction. Furthermore, through this project, we will secure additional port hinterland at the North Container Terminal and steadily promote the project to enhance the logistics competitiveness of Busan Port."

This content was produced with the assistance of AI translation services.