Busan Port Authority Launches 'Management Innovation Task Force' ... Accelerating Public Innovation Efforts

Busan Port Authority.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Duyul] Busan Port Authority (BPA) plans to accelerate innovation by launching the ‘BPA Management Innovation Task Force’ in line with the new government’s policy direction.

The task force was established to successfully implement national agenda tasks, strengthen financial soundness, and promote public innovation to improve the efficiency of the institution and enhance the global competitiveness of Busan Port.

The ‘BPA Management Innovation Task Force’ will strengthen its driving force by appointing the president as the head and will focus on three main areas: ▲public innovation ▲financial soundness ▲national agenda tasks.

In the public innovation area, the task force will conduct a thorough analysis of the authority’s organization, personnel, and operations to reorganize core business organizations and personnel, implement compensation, personnel, and organizational management centered on duties and performance, and support private sector growth through a private collaboration system that maximizes the use of BPA’s capabilities and resources.

BPA plans to autonomously promote public innovation and revise and supplement it according to the government’s public innovation promotion direction in the second half of the year.

In the financial soundness area, to successfully carry out national projects requiring large-scale investment funds while maintaining financial soundness, BPA will accurately diagnose the current financial status, establish short- and long-term financial soundness enhancement plans, and strengthen the regular inspection system.

As a priority, BPA will promote management efficiency by discovering new revenue sources by headquarters and reducing costs through design VE and expense cuts.

In the mid-term, through financial management self-help efforts, BPA plans to secure 1.2992 trillion KRW in investment funds by 2026 through asset sales from the North Port redevelopment.

In the national agenda area, among about 70 tasks identified through discussions with internal and external experts linked to the government’s 110 national agenda tasks and BPA’s mid- to long-term management strategy, 31 core tasks will be selected and focused on, including ‘domestic production of cutting-edge cargo handling equipment,’ ‘establishment of fully automated terminals,’ ‘promotion of North Port redevelopment (phases 1 and 2) for hosting and successfully holding the 2030 Expo,’ and ‘securing overseas logistics hubs.’

To successfully promote management innovation, BPA has appointed the executive vice president as the deputy head and designated overall departments by field to maintain a company-wide continuous collaboration system.

The authority plans to strengthen expertise and execution capabilities through regular implementation status checks, board of directors meetings, and expert consultations.

Kang Jun-seok, BPA president, said, “As a public institution that develops, manages, and operates Busan Port, we will lead public innovation that meets the public’s expectations, continuously discover revenue sources, reduce costs and expenses, and improve the financial structure through the sale of non-core assets to successfully carry out large-scale port construction and redevelopment projects, which are national projects.”

President Kang added, “Through successful project implementation, all employees will unite and make every effort to maintain Busan Port’s status as the world’s second-largest transshipment port and secure a competitive edge against global ports.”

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