Private Proposal Submitted for Busan New Port Ship Repair Complex...1.5 Trillion Won Investment Planned

Targeting Opening in 2033
Building Repair Infrastructure for Large Vessels

Bird's-eye view of the Busan New Port ship repair complex. Ministry of Oceans and Fisheries.

The Ministry of Oceans and Fisheries announced on the 4th that it has completed the receipt of a private-sector proposal for the "Busan New Port Ship Repair Complex Project."

The project proposed by Busan New Port Ship Repair is aimed at creating facilities for the repair and maintenance of large vessels of 30,000 tons or more. It will be pursued as a non-port-authority port development project, a form of private investment under the Port Act.

The project proponent is a consortium of five companies, including Daeryuk Metal and GS Engineering & Construction. The consortium plans to inject a total of 1.5 trillion won in private capital, with construction starting in 2028 and opening targeted for 2033. Of this amount, 1 trillion won is to be invested in creating the ship repair complex, and 500 billion won will be allocated to the construction of a breakwater and access roads.

The Busan New Port Ship Repair Complex Project had been pursued since 2016 as a build-transfer-operate type private investment project under the Private Investment Act, but the process was halted after a public tender for a project operator in May 2024 ultimately failed. Subsequently, in November 2025, the designation as a build-transfer-operate private investment project was lifted through a resolution of the Private Investment Review Committee, leading to a change in the project structure.

The Ministry of Oceans and Fisheries plans to conduct a feasibility study on the submitted project plan for about seven months and, if economic viability and business feasibility are secured, proceed with a public notice for implementation approval, with the aim of completing the selection and approval procedures for the project operator by the first quarter of 2027. Construction is then scheduled to begin in the second half of 2028.

Gong Du-pyo, Director General of the Port Bureau at the Ministry of Oceans and Fisheries, said, "The Busan New Port Ship Repair Complex Project is a core infrastructure project to enhance the service competitiveness of Busan Port," adding, "We will swiftly proceed with the relevant procedures so that it can serve as a foundation for Busan to leap forward as an international hub port in the era of Arctic shipping routes."

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