South Korea to Invest $10 Billion to Enhance Busan Port's

South Korea's Ministry of Oceans and Fisheries announced a $10 billion investment to transform Busan Port into a globally competitive mega port.

The project includes constructing the new Jinhae Port, featuring 66 terminals capable of accommodating 30,000 TEU vessels and increasing container storage capacity by 50%.

Busan, which handles 75% of South Korea's domestic container volume and 97% of its international transshipment, faces operational challenges like inefficient terminal management. The initiative aims to address these issues and adapt to larger vessels and evolving global shipping alliances.

The plan emphasizes eco-friendliness, targeting 25% renewable energy usage by 2032 and 100% by 2050. Additional measures include financial incentives for operators, logistics complexes, and international promotion centers in key markets