Busan Port Authority Confirms 2023 Budget of 1.2185 Trillion Won

Busan Port Authority.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] The Busan Port Authority (BPA) budget for 2023 has been finalized at 1.2185 trillion KRW, an increase of 67.9 billion KRW compared to 2022.

BPA prioritized budget allocation to projects linked to government national tasks while adhering to the mid- to long-term financial management plan, allocating 666.2 billion KRW to major business areas.

In line with the government's public institution innovation plan to enhance financial soundness, total expenses were reduced by 12.7% and business promotion expenses by 10.7% compared to the previous year.

Looking at the major project budgets by sector: ▲Port infrastructure construction and Phase 1 of the North Port redevelopment project 501.4 billion KRW ▲Port facility maintenance 22.9 billion KRW ▲Equity investment and investment projects 19.3 billion KRW ▲New construction of port pilot boats 4.2 billion KRW ▲Information technology projects 3.4 billion KRW, etc.

According to the mid- to long-term business plan, BPA allocated budgets for the upper construction of Phases 2 to 5 of the Busan Port New Port West Container Terminal at 166.1 billion KRW, Phases 2 to 6 of the same terminal at 29.6 billion KRW, and manufacturing and installation of port facilities and equipment for Phases 2 to 5 at 54.8 billion KRW.

The authority plans to continue investing in projects to secure future growth engines.

Also, to achieve the 2030 vision, BPA has allocated budgets by strategic goals as follows: ▲Innovation of port future value 473.8 billion KRW ▲Strengthening port competitiveness 179.9 billion KRW ▲Activation of sustainable port ecosystem 16.2 billion KRW ▲Advancement of responsible management system 59.6 billion KRW, aiming to realize management objectives.

Kang Jun-seok, BPA President, stated, “Despite the challenging management environment due to continuous price increases in raw materials and the global high-interest rate trend, we will maintain financial soundness by achieving continuous surplus management. Through management innovation, we will operate the budget efficiently so that Busan Port can support the national economy, and all employees of the authority will do their best.”

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