Ministry of Oceans and Fisheries Plans 14 Trillion Won Investment for Port Expansion by 2045

The Ministry of Oceans and Fisheries (MOF) unveiled a comprehensive strategy to transform Busan Port into the world’s third-largest port during the Ministerial Meeting on Industrial Competitiveness Enhancement held on Dec. 11.

The MOF’s ambitious plan aims to address increasing supply chain uncertainties caused by intensifying international trade disputes and the restructuring of the global logistics market. By equipping Busan Port with the world’s largest port facilities, the MOF intends to solidify its status as a global hub port and elevate its competitiveness to the world’s top three.

To achieve this, the MOF has outlined a global hub port establishment strategy that includes streamlining the operational system of Busan Port to handle shipping alliance cargo promptly and accelerating the transition to an eco-friendly smart port to lead international standards. A significant part of this strategy involves investing 14 trillion won by 2045 to establish Jinhae New Port, which will enable Busan Port to secure the world’s largest port facilities. The plan includes creating facilities that can stably accommodate ships exceeding the world’s largest 24,000 TEU-class vessels, aiming for 30,000-class vessels.

Additionally, the government plans to select a single operator for all nine berths in the first phase of Jinhae New Port, establishing the largest operational system in the country. This single operator will handle alliance cargo entirely, enabling efficient berth management. To further strengthen the connectivity between Busan Port and overseas supply chain hubs, the government plans to expand overseas logistics centers in promising hubs such as Southeast Asia and Europe. Efforts will also be made to secure shares and operational rights in major hub terminals, including ports on the East and West coasts of the United States, to ensure smooth export and import logistics.

The MOF’s strategy also emphasizes the transition to an eco-friendly port, with the goal of increasing the share of renewable energy generation within the port to 50% by 2032 and 100% by 2050. This includes creating infrastructure to supply eco-friendly ship fuel, contributing to achieving carbon neutrality goals.

Minister of Oceans and Fisheries Kang Do-hyung highlighted the dual nature of the current global trade environment, stating, “The restructuring of supply chains due to the strengthening of protectionism, regional disputes, and changes in shipping alliances presents both a crisis and an opportunity for our ports.” He further emphasized the strategic vision, “We will develop Busan Port into a global TOP 3 port, making it a global logistics hub that robustly supports South Korea’s dynamic economy.”

Source: Businesskorea