Busan Port Authority Confirms 2024 Budget of 1.4952 Trillion KRW

8.9% Increase Year-on-Year, Strategic-Based Project Share Up Including Leading Future Port Paradigm

BPA has set four major goals for its investment projects aimed at economic revitalization: leading the future port paradigm, maximizing port added value, fostering the port industry ecosystem, and innovating institution operations focused on efficiency and performance. Accordingly, it has expanded the budget for key projects in 2024.

On the other hand, in line with the public institution innovation plan, BPA tightened the budget for consumable expenses related to institution operations and other projects to strengthen financial soundness.

Busan Port Authority.

Breaking down the expenditure budget by major project sectors: ▲ Advanced smart port infrastructure 374.8 billion KRW ▲ Phase 1 of Bukhang Redevelopment Project 133.7 billion KRW ▲ Development of port hinterland complex 127.2 billion KRW ▲ Activation of private cooperation for overseas expansion 29.3 billion KRW, among others.

Following its mid- to long-term business plan, BPA is accelerating the development of Busan New Port South Container Terminal phases 2-6 and Jinhae New Port phase 1-1, and preparing to take a step forward as a global comprehensive port service leader by supporting domestic import-export companies’ overseas expansion through the operation of a new logistics center in the United States.

Additionally, BPA plans to invest 133.7 billion KRW in related funds to successfully promote phase 1 of the Bukhang Redevelopment Project, Korea’s first port redevelopment project.

To realize a sustainable Busan Port through the creation of an ESG ecosystem, BPA will actively promote projects that strengthen public interest.

These include ▲ support projects for disaster prevention facilities at cargo handling sites to build a safe port ▲ expansion of win-win cooperation projects for training specialized port logistics personnel ▲ various projects to achieve an eco-friendly energy self-sufficient port through greenhouse gas reduction efforts, thereby fulfilling its social responsibility as a public enterprise.

BPA President Kang Jun-seok stated, “Despite the challenging management environment due to the global high-interest rate trend and continuous inflation, we will achieve profitable management and maintain a sound financial status. Through efficient budget management, we will contribute to overcoming crisis situations and revitalizing the economy, and faithfully fulfill the social responsibilities of a public institution by further strengthening the competitiveness of Busan Port.”

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