Yeosu Gwangyang Port Authority's Budget for Next Year Confirmed at 286.1 Billion KRW

Published 28 Dec.2021 16:36(KST)

Focus on Establishing Automated Port at Gwangyang Port and Realizing ESG Management

Yeosu Gwangyang Port Authority's Budget for Next Year Confirmed at 286.1 Billion KRW

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seonsik] Yeosu Gwangyang Port Authority (President Park Seonghyun) announced on the 28th that it has finalized the 2022 budget at 286.1 billion KRW after approval by the Port Committee.

This is an increase of 33 billion KRW compared to last year, reflecting projects such as the development of automated container terminals and securing port hinterland complexes.

By major projects, 67.3 billion KRW will be invested in future-leading port initiatives such as port automation, modernization, and intelligent port operations. This is an increase of 26.6 billion KRW from last year and includes 18 billion KRW for the construction of the 2nd petrochemical wharf, 6 billion KRW for the Gwangyang Port automated wharf construction project, and 4.1 billion KRW for the Gwangyang Port Phase 2-1 electrical equipment improvement project.

Additionally, 45.5 billion KRW has been allocated for high value-added hinterland market development projects. This includes 21.2 billion KRW for securing port hinterland complexes and 3.4 billion KRW for the Yulchon convergence and complex logistics complex development project.

For projects realizing ESG management, 35.6 billion KRW has been budgeted, an increase of 14.7 billion KRW from last year.

This includes 11.1 billion KRW for eco-friendly power conversion of cargo handling equipment and installation of renewable energy facilities at Gwangyang Port to implement eco-friendly and green ports, 23.6 billion KRW for public consensus, inclusive and safe port construction projects, and 900 million KRW for anti-corruption and cooperative governance establishment projects.

Along with this, 1.3 billion KRW has been allocated for innovative organizational management and talent development, and 1.3 billion KRW for expanding public participation and communication.

President Park Seonghyun stated, “Next year, the future-leading port construction will be actively promoted through the Gwangyang Port automated wharf construction project and the Yulchon convergence and complex logistics complex development project for pioneering high value-added markets.”

He added, “As a public institution, we will also do our best to enhance the status of the port authority through the transition to a carbon-neutral eco-friendly port for realizing ESG management and spreading YGPA-type social values together with the local community.”