Yeosu Gwangyang Port Authority's Budget for Next Year Confirmed at 413.3 Billion KRW

Increase of 127.2 Billion KRW Compared to Last Year... Full-Scale Launch of Large-Scale Development Projects

Gwangyang Port Automated Harbor Development, Yulchon Convergence Logistics Complex Construction, etc.

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seonsik] Yeosu Gwangyang Port Authority (President Park Seonghyun, YGPA) announced on the 29th that it has finalized a budget of 413.3 billion KRW for 2023.

This is an increase of 127.2 billion KRW compared to last year, due to the full-scale implementation of projects securing port hinterlands such as the development of automated container terminals and the creation of the Yulchon convergence logistics complex.

YGPA expanded its project budget to contribute to revitalizing the regional economy through increased investment projects in the post-COVID-19 era and to implement the mid- to long-term development plan for Yeosu Gwangyang Port.

It also explained that operating expenses were reduced in accordance with the Ministry of Economy and Finance's public institution innovation guidelines.

In 2023, YGPA plans to focus its budget on mid- to long-term investment projects for Yeosu Gwangyang Port, including 125.5 billion KRW for the Gwangyang Port automated container terminal construction project, 27.3 billion KRW for the Yulchon convergence logistics complex project, 9.1 billion KRW for securing port hinterlands, and 5.3 billion KRW for the northern hinterland development construction.

Additionally, projects to strengthen ESG management such as safety management including maintenance for aging port facilities, job creation support, strengthening private cooperation, and expanding eco-friendly energy will continue to be promoted.

President Park Seonghyun said, “2023 will be a turning point for investment to grow Gwangyang Port into a ‘smart integrated port.’ We will also do our best to faithfully fulfill the role of a regional public institution contributing to the local community and enhance the status of ‘YGPA with the people.’”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seonsik hss79@asiae.co.kr

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