Busan City, Ministry of Oceans and Fisheries, and Busan Port Authority Hold Joint Council for Phase 1 Investment Attraction of Bukhang

1:40 PM on the 5th at City Hall, Mayor, Minister of Oceans and Fisheries, and BPA President Attend

Launch of Bukhang Phase 1 Investment Attraction Joint Council and Discussion of Current Issues

Busan City, together with the Ministry of Oceans and Fisheries and Busan Port Authority (BPA), will hold the North Port Phase 1 Investment Attraction Joint Council at 1:40 PM on the 5th in the City Hall video conference room.

The North Port Phase 1 Investment Attraction Joint Council is co-chaired by Mayor Park Hyung-jun and Minister Cho Seung-hwan of the Ministry of Oceans and Fisheries, with key officials from related organizations serving as members.

Members include the Director of the Port Division of the Ministry of Oceans and Fisheries, the Director of Urban Balanced Development of Busan City, the President of Busan Port Authority, and the Head of the Port Regeneration Project Group.

The joint council will operate on the principle of quarterly regular meetings, but the detailed schedule can be adjusted through consultation among the respective organizations.

At this meeting, the joint council will be launched and discuss current issues such as investment attraction plans for the North Port redevelopment project site.

Of the total 1,128,000㎡ of the North Port Phase 1 development site, 341,000㎡ is designated for sale. Among this, 165,000㎡ including the commercial business district has already been sold, and the remaining 176,000㎡ including the marine culture district is planned for future sale.

The North Port Phase 1 port redevelopment project site has been completed, and various development projects have been proposed by numerous investors. However, there has been a perception that the previously sold sites have ultimately become residential areas, resulting in a lack of securing core management facilities for commercial, tourism, and business purposes essential for future development.

Busan City, the Ministry of Oceans and Fisheries, and Busan Port Authority share this concern and plan to strategically attract investment suitable for the site’s purpose through the joint council going forward.

Notably, the three heads of the organizations?Mayor Park Hyung-jun of Busan, Minister Cho Seung-hwan of the Ministry of Oceans and Fisheries, and President Kang Jun-seok of Busan Port Authority?will directly attend this council. This reflects their strong commitment to attracting the 2030 Busan World Expo, for which the Busan North Port development is responsible.

Under the national agenda goal of ‘Attracting and Successfully Hosting the 2030 Busan World Expo,’ the organizations have worked closely together to successfully lead the North Port redevelopment project, which has been underway since 2008.

Mayor Park Hyung-jun stated, “Through the operation of the North Port Phase 1 Investment Attraction Joint Council, we expect to respond more swiftly and strategically to investment proposals from leading companies for the North Port Phase 1 site.” He added, “The North Port redevelopment and the attraction of the 2030 Busan World Expo are core tasks that will shape Busan’s next 100 years and serve as a catalyst for balanced national development benefiting the entire southern region. I hope the close cooperation among the three organizations continues so that the competitiveness of the entire Republic of Korea can be enhanced.”

Busan City Hall.

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