Yoon: "Busan Port, Starting and Ending Point of Green Shipping Route... Creating 5.5 Trillion Won Eco-Friendly Ship Finance"

President Yoon Suk-yeol stated on the 5th, "To realize the vision of a Korean-style eco-friendly shipping solution, we will make Busan Port the starting and ending point of a carbon emission-free green shipping route." Major countries are establishing green shipping routes that achieve zero greenhouse gas and marine pollution emissions in response to climate change, and since this will determine the future competitiveness of the shipping industry, he expressed his intention to provide full support.

President Yoon made these remarks while attending the 'Opening Ceremony of Busan Port New Port Pier 7' held in Changwon City, Gyeongnam Province, in the morning. At last year's G20 summit held in New Delhi, India, he presented the vision of establishing a 'green shipping route,' stating, "The eco-friendly shipping solution led by the Republic of Korea will contribute to connecting ports around the world with green routes."

In his commemorative speech, President Yoon said, "When I first visited Busan after starting my political career, I promised to make Busan, Ulsan, and Gyeongnam regions the world's best maritime cities supported by advanced industries. Today, I congratulate the opening of Busan Port New Port Pier 7, which marks the first step toward that goal." Busan Port New Port Pier 7 is Korea's first fully automated port, where an automated system has been introduced from ships to container transfer equipment outside the port, increasing productivity by up to 20% compared to existing ports and drastically reducing safety accidents.

He continued, "So far, Busan Port has led Korea's export economy as the world's 7th largest import-export port and the 2nd largest transshipment port. However, new changes and challenges await us, such as demands for eco-friendly fleets and the expansion of green shipping routes. We must significantly enhance Busan Port's competitiveness beyond its current level," and reiterated, "We will surely advance the port and shipping industry. We will make Busan Port a world-class smart port." To this end, the government plans to expand connections with green ports worldwide, including Australia and Singapore, starting with the Korea-US route, and to build port infrastructure such as eco-friendly bunkering.

President Yoon Suk-yeol is delivering a commemorative speech at the opening ceremony of Pier 7 at Busan New Port in Jinhae-gu, Changwon-si, Gyeongnam on the 5th. [Image source=Yonhap News]

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Additionally, by 2032, the plan is to build Jinhae New Port into a smart mega port leading global logistics innovation, and to construct smart ports at Gwangyang Port and Incheon Port for synergy, while creating a smart fund worth 500 billion won to rebuild the port equipment industry, as envisioned by President Yoon and the government.

To revitalize the shipping industry, which is the lifeline of the export economy and a key economic security service supporting supply chains, President Yoon also explained plans to extend the tonnage tax system, which is set to expire this year, and to provide 5.5 trillion won worth of eco-friendly ship financing to domestic shipping companies. The tonnage tax system imposes taxes based on the net tonnage (the cargo volume a ship can transport) and operating days of owned ships, rather than on the shipping companies' operating profits.

President Yoon also stated, "We will steadily promote the construction of Gadeokdo New Airport in Gyeongnam and develop Busan Port into a global logistics hub to firmly support the advanced industries of Busan and Gyeongnam."

Meanwhile, President Yoon personally awarded the Silver Tower Order of Industrial Service Merit and other honors to six individuals, including Kim Nam-jung, chairman of Dongwon Group, who contributed to the opening of Korea's first smart port, recognizing the hard work of port and shipping industry workers at the forefront of import-export logistics.

About 500 people attended the opening ceremony, including port operators, shipping company workers, students from Korea Maritime and Ocean University, foreign embassy officials such as the Ambassador of Panama to Korea, and others. From the government, Minister of Oceans and Fisheries Kang Do-hyung and others attended; from local governments, Busan Mayor Park Hyung-joon and Gyeongnam Governor Park Wan-su; and from the Presidential Office, Policy Chief Seong Tae-yoon, Economic Secretary Park Chun-seop, and Public Relations Secretary Lee Do-woon were present.

President Yoon Suk-yeol is taking a commemorative photo with Kim Nam-jung, Chairman of Dongwon Group, after presenting the Silver Tower Order of Industrial Service Merit at the opening ceremony of Pier 7, Busan New Port, Jinhae-gu, Changwon-si, Gyeongnam on the 5th.
[Image source=Yonhap News]

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