Construction of Jinhae New Port Passes Final Feasibility Review by Ministry of Economy and Finance ... 12 Trillion Won Invested by 2040
[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] The Ministry of Strategy and Finance's Fiscal Project Evaluation Committee has given final approval to the 'Jinhae New Port Construction Project Preliminary Feasibility Study.'
The Jinhae New Port construction project is Gyeongnam's largest national project, investing 12 trillion KRW by 2040 to create a smart port with a total of 21 berths.
Considering the large scale and long duration of the project, a preliminary feasibility study was conducted in February for the first phase, targeting 9 berths. The Korea Development Institute (KDI) started the study in June, and the preliminary feasibility study process was completed this month.
With the preliminary administrative procedures completed, basic survey work for the first phase of 9 berths will begin in the first half of 2022, with a total investment of 7.9 trillion KRW planned to complete development by 2031.
In 2032, a large-scale container terminal with 9 berths equipped with a smart automation system will be opened.
Through this project, Gyeongnam Province will secure 36 out of the total 60 berths at the new port, reorganizing port functions centered on Gyeongnam. The new port is expected to become a key hub of a world-class tri-port logistics center linked with Gadukdo New Airport and railways.
Once the new port is fully completed, it is expected to grow into one of the world's top three logistics hubs, capable of handling 42 million TEU by 2040, alongside Busan Port New Port.
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Yoon In-guk, Director of the Future Strategy Bureau of the province, said, "With the securing of 14.5 billion KRW in national funds for the Jinhae New Port construction project and the passing of the preliminary feasibility study, basic survey work will be actively promoted from the first half of 2022." He added, "We will do our best to help Jinhae New Port, which has a production inducement effect of about 28 trillion KRW, leap forward as a world-class logistics hub port."
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