Government Joins 2030 Busan Expo Bid, 'Event Site' Bukhang Redevelopment Passes Preliminary Feasibility Study

[Asia Economy Sejong=Reporter Kim Hyewon] The government, which has entered the race to host the 2030 Busan World Expo, has taken the first step in the second phase of the Busan North Port redevelopment project, the planned site for the event.

On the 26th, the government held a Fiscal Project Evaluation Committee meeting chaired by Choi Sang-dae, the 2nd Vice Minister of Strategy and Finance, and approved the preliminary feasibility studies for four projects: ▲ Busan Port North Port Phase 2 Redevelopment ▲ Construction of connecting roads within the Saemangeum area ▲ Establishment of an integrated next-generation agricultural and forestry business information system ▲ Creation of a complex science experience land.

The Busan Port North Port Phase 2 Redevelopment project involves investing approximately 4 trillion won to redevelop 2.28 million square meters in Dong-gu and Jung-gu districts of Busan, including the aging and underutilized Jaseongdae Pier at North Port and the deteriorated old downtown areas (Jwacheon and Beomil-dong) that are over 70 years old. The project aims to transform the declining port functions of Busan North Port into a MICE (Meetings, Incentives, Conferences, and Exhibitions) and marine tourism hub.

This area is also the planned site for the 2030 Busan World Expo. With the preliminary feasibility study for this key project in securing the Expo passing, the site development can now proceed.

The Saemangeum area connecting road construction project will link the international cooperation zone, tourism and leisure zone, and agro-biological zone within the Saemangeum development area, as well as connect the Saemangeum area to the Saemangeum New Port (scheduled for completion in 2025) and the Saemangeum New Airport (scheduled to open in 2029), integrating external wide-area transportation networks. The complex science experience land project involves creating a multi-purpose experience facility on the site of the National Science Museum in Daejeon to support next-generation science and technology experiences and education in areas such as carbon neutrality, space, and bio.

The government also gave approval opinions for the Donggwangju?Gwangsan highway expansion project and the Jeju Outer Port Phase 2 development project, which underwent re-evaluation of feasibility. Six projects, including the new construction of Expressway No. 20 from Seongju to Daegu, the agricultural and food voucher project, the Janghang National Wetland Restoration project, and the construction of the 2nd Dae Tunnel road, were selected as subjects for preliminary feasibility studies.