Over the Next 10 Years, 6.8 Trillion Won Invested in 19 Port Redevelopments... "Annual Economic Effect of 4.4 Trillion Won Expected in Regions"

Ministry of Oceans and Fisheries Establishes the "3rd Basic Plan for Port Redevelopment (2021~2030)"

[Asia Economy, Reporter Jusangdon] The government has decided to invest a total of 6.8 trillion KRW by 2030 to redevelop 19 ports.

The Ministry of Oceans and Fisheries established and announced the "3rd Basic Plan for Port Redevelopment" on the 29th, which includes policy directions and target projects for port redevelopment over the next 10 years.

The Basic Plan for Port Redevelopment is the nation's highest-level plan, formulated as a new basic plan through 2030 following the conclusion of the 2nd Basic Plan (2011?2020).

According to the Basic Plan for Port Redevelopment, redevelopment projects aimed at revitalizing ports and their surrounding areas by developing aging and idle ports into various functions such as tourism, culture, and commerce began with the first phase of Busan Bukhang redevelopment in 2008, and currently, four projects are underway. Through port redevelopment, cargo wharves like Donghae Mukho Port have been transformed into parks and parking lots for citizens and opened to the public, while traditional wharves in Busan Bukhang have been transformed into new growth hubs leading the regeneration of old downtown areas. However, issues such as excessive pursuit of profitability and public interest damage during project implementation, delays in project progress in local small and medium-sized cities, insufficient collection of residents' opinions, and unclear roles between local governments and port authorities (PA) in redevelopment projects have been pointed out as problems.

In response, the Ministry of Oceans and Fisheries included three key strategies in the 3rd Basic Plan under the vision of "Port spaces for citizens developing together with cities": ▲ strengthening public interest in port redevelopment and promoting local participation ▲ improving port redevelopment systems to promote regeneration ▲ creating vibrant port cities through specialized development by port.

First, the ministry introduced for the first time the principles for creating public facility zones in waterfront spaces and standards for securing public facilities by project. Reflecting this, waterfront spaces in land use plans for each project are planned as accessible waterfront spaces for everyone. Guidelines for the ratio of public facilities per project were also presented to ensure sufficient parks, parking lots, and other facilities for citizens during future project implementation.

It is also expected to promote participation from citizens, local governments, and port authorities so that the actual benefits of port redevelopment projects reach the local communities. The transfer of redevelopment authority for locally managed ports to local governments and prioritizing small-scale projects within nationally managed ports for local government implementation will strengthen the roles and responsibilities of local governments. Redevelopment within ports under port authority jurisdiction will minimize trial and error in selecting project implementers through port authority implementation principles. To support rapid project implementation and promote private investment, innovation across the port redevelopment system will be actively pursued. To address the issue of various port redevelopment projects being conducted under uniform procedures, projects will be categorized by type to rationally simplify procedures. For example, when a port authority pursues redevelopment on land it owns, the three-party public contest procedure will be omitted, and negotiation procedures will be skipped for small-scale redevelopment projects to reduce the burden on project operators. Additionally, provisions will be established to allow land use and leasing for installing superstructures even before project completion, and upon request from project implementers, interim settlements and partial completions will be conducted to alleviate financial burdens. Demand-centered system improvements such as expanding the scope of minor changes to the basic redevelopment plan will also be pursued.

Along with this, the ministry designated 14 ports nationwide and 19 project areas as port redevelopment zones through this basic plan, presenting development directions, land use concepts, and future plans for each project. Among the 19 zones, three new zones totaling 2.18 million square meters were designated: Geumrando in Gunsan Port, Janghang Port (Fishing Port Wharf), and the reclamation area of Maeam-dong in Ulsan Port. The existing 16 zones were also adjusted in terms of area, location, and land use concepts considering local government opinions, site conditions, and public facility standards. Based on a recently signed coexistence agreement, the previously unapproved zones of Geumrando in Gunsan Port and Janghang Port, which had disagreements between the Gunsan and Seocheon regions, were newly designated. The reclamation area of Maeam-dong in Ulsan Port was included in the plan reflecting local opinions to enable linked development with the surrounding whale culture special zone.

The 19 designated project zones are classified into three types to promote redevelopment suited to regional characteristics. The total area exceeds seven times the size of Yeouido, amounting to 21.21 million square meters, with a total project cost of about 6.8 trillion KRW (approximately 51 trillion KRW including superstructures). Seven port spaces adjacent to old downtown areas, such as Busan Bukhang and Incheon Naehang, will be developed as "Old Downtown Revitalization Type" projects, serving as catalysts for regenerating deteriorated old downtowns through complex development linked with the surrounding urban areas. In 2021, project implementers will be selected for redevelopment projects in Incheon Naehang and Mokpo Namhang. In 2022, the first phase of Busan Bukhang's infrastructure construction currently underway will be completed, and the second phase (relocation of Busanjin CY) will commence. The entire redevelopment site of Gohyeon Port is expected to be completed in 2023. Large-scale reclamation sites such as Myodo reclamation in Gwangyang Port and Yeongjongdo reclamation in Incheon Port will be developed as "Marine Industry Promotion and Support Type" projects to create new jobs and support port activation. In 2021, large-scale LNG storage facilities will begin construction on the Myodo redevelopment site (3.12 million square meters) currently underway in Gwangyang Port. In 2022, the Gwangyang 3rd reclamation project (4.33 million square meters), which will alleviate the shortage of industrial and logistics land in the region, will also commence. The redevelopment project on Yeongjongdo in Incheon, which will create a comprehensive tourism and leisure complex (3.33 million square meters) in the metropolitan area, is also scheduled for completion in 2022. Small-scale port spaces such as Guryongpo Port in Pohang and Janghang Port will be developed as "Local Living and Cultural Hub Type" projects to improve living environments and meet citizens' cultural and tourism demands. In 2021, project implementer selection will begin for redevelopment projects at Yongho Wharf in Busan Port and Guryongpo Port, and in 2022, redevelopment plans for Janghang Port will be prepared in connection with the redevelopment of Geumrando in Gunsan Port.

The ministry expects that private investment in the 19 projects reflected in this plan will generate about 5.9 trillion KRW in production inducement effects (approximately 90 trillion KRW including superstructures) in the regions. When superstructures become active in the future, an annual economic effect of 4.4 trillion KRW is expected to occur in the regions. Park Junyoung, Vice Minister of Oceans and Fisheries, said, "Ports, as the center of international trade, have played a key role as infrastructure for national and regional economic growth, but it is also true that some port facilities within cities have been obstacles to urban growth. We will do our best to transform port spaces into new growth hubs connected with cities and return the sea to the citizens' embrace."

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