S Korea to spend US$35b to boost cargo capacity to 1.85b tonnes
SOUTH Korea plans to invest KRW41
SOUTH Korea plans to invest KRW41.8 trillion (US$35.2 billion) across the nation's 12 ports to raise annual cargo handling capacity to 1.85 billion tonnes by 2040, up from 1.32 billion tonnes in 2017, according to the Ministry of Oceans and Fisheries.
A major highlight of the plan is to transform the port of Busan into a 'mega port' that can accommodate several 25,000-TEU containerships, reported Yonhap News Agency.
'We will make Busan port the world's third largest port by 2040,' Minister of Oceans and Fisheries Moon Seong-hyeok told reporters.
Busan port was the sixth largest port globally in 2018 by handling 21.66 million TEU, behind Shanghai, Singapore, Ningbo, Shenzhen and Guangzhou.
The government's plan calls for the private sector to inject KRW25.7 trillion into the project, while the state would finance the remaining KRW16.08 trillion.