Busan Port Authority Allocates 1.084 Trillion Won Budget for Next Year

Busan Port Authority.

[Asia Economy Yeongnam Reporting Headquarters, Trainee Reporter Hwang Du-yeol] Busan Port Authority (BPA) finalized the total budget for 2022 at 1.084 trillion KRW during the 248th Port Committee meeting held on the 21st.

According to BPA on the 22nd, next year's budget aims to revitalize the economy, expand the foundation for future growth, and strengthen the social value and public nature of the public institution by promoting investment projects in preparation for the post-COVID-19 era, resulting in an expanded allocation for major projects.

The authority tightened the budget for consumable expenses related to institutional operations and other projects, considering the difficult management conditions due to the impact of COVID-19.

The expenditure budget is 1.084 trillion KRW, a decrease of 190.8 billion KRW compared to 1.2748 trillion KRW in 2021. Major budget items include port infrastructure construction at 308.7 billion KRW, Phase 1 of the North Port redevelopment project at 211.3 billion KRW, investments and equity contributions at 31.2 billion KRW, port facility maintenance at 32.2 billion KRW, and informatization projects at 9.9 billion KRW.

Following its mid- to long-term business plans, BPA is accelerating the development of phases 2 to 5 and 2 to 6 of the Busan New Port West Container Terminal and has allocated funds for the operation of the new port terminal.

The authority plans to invest a large-scale budget to successfully complete Phase 1 of the Busan North Port redevelopment project.

Busan Port Authority is also promoting projects to strengthen public interest in order to realize BPA-style ESG management.

These projects include ▲repair and reinforcement of aging facilities to build a safe port, ▲creating an eco-friendly port through efforts to reduce greenhouse gas emissions, ▲attracting digital new deal companies, and ▲expanding win-win cooperation projects to create jobs in the port ecosystem.

Jin Gyu-ho, Director of Planning and Coordination at Busan Port Authority, said, “We will do our best to contribute to overcoming the crisis and revitalizing the economy through efficient budget management and to strengthen the competitiveness of Busan Port.”

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