South Korea’s government will invest 14 trillion won (around US$10 billion) in Busan Port upgrades through 2045, aiming to achieve the world’s largest container handling capacity.
Under the plan, South Korea will build a new port in Changwon, near Busan, integrating it with the existing Busan Port to create a unified “mega port” with double the current cargo handling capacity, according to South Korea’s Ministry of Oceans and Fisheries.
“Amid the relocation of production facilities due to the conflict between the United States and China, along with geopolitical uncertainties and climate challenges, the maritime logistics industry is facing increased uncertainty,” noted the ministry.
“To maintain Busan Port’s reputation as a global transshipment hub and its competitiveness, we need to pursue strategies that connect the development of the new and existing ports,” added the ministry.
The new mega port is expected to have the capacity to accommodate 66 vessels, up from the current limit of 40. Additionally, the total berth length will also be extended to 25.5 kilometers, compared to the current 18.8 kilometers.
South Korea will also introduce port facilities utilizing carbon-free renewable energy sources, alongside infrastructure to supply green power to vessels.
