Gyeongnam Province Actively Responds to Preliminary Feasibility Study for Jinhae New Port

Strengthening Regional Cooperation for Passing the Preliminary Feasibility Study of Jinhae New Port Phase 1

Jinhae New Port Bird's-eye View.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do announced on the 4th that it is strengthening collaboration with a specialized organization including experts from the Ministry of Oceans and Fisheries and Changwon City to pass the preliminary feasibility study for the first phase of the Jinhae New Port project.

The Ministry of Oceans and Fisheries plans to maintain the total project scale at 21 berths, considering the characteristics of the large-scale and long-term construction of Jinhae New Port, but will first conduct a preliminary feasibility study on 9 berths in the first phase.

The preliminary feasibility study evaluates items such as economic analysis of cost-benefit effects, policy aspects, and regional balanced development.

Policy evaluation focuses on how much local organizations and residents accept and actively support the project as an important assessment item.

Accordingly, the province plans to form a consensus in the region and increase citizen support through surveys on the construction of Jinhae New Port.

At the same time, cooperation from the local economic sector is also being achieved. On the 4th of last month, the Gyeongnam and Busan economic sectors (Chambers of Commerce and Industry) submitted a government petition demanding the prompt passage of the preliminary feasibility study and construction of Jinhae New Port.

In the petition, the Chambers stated, "The economy of the Southeast region is experiencing difficulties due to changes in domestic and international business environments and industrial trends, and despite great efforts, it has not found a turning point," adding, "The construction of Jinhae New Port will be a driving force for the economic recovery of the Southeast region and will have a very positive impact in terms of national balanced development."

The first phase of the Jinhae New Port project includes 9 berths of quay facilities, a 674,000㎡ port hinterland complex, 8.08 km of revetments, 1.4 km of breakwaters, and 6 km of port access transportation facilities. The project cost is 7.7001 trillion KRW and is scheduled to be completed by 2031.

Jinhae New Port will be constructed as an advanced intelligent mega-port capable of accommodating ultra-large vessels (Smart Mega Port), securing a competitive edge over major Northeast Asian ports that are expanding new investments, and is expected to maintain and enhance the status and competitiveness of the world's 6th largest port (2nd in transshipment volume).

The Korea Maritime Institute (KMI) predicted that the economic ripple effects of the Jinhae New Port development will include a production inducement effect of 28.4785 trillion KRW, a value-added inducement effect of 22.1788 trillion KRW, and employment inducement of 178,222 jobs.