Busan Port Authority Publishes This Year's Projects Subject to Real-Name System

25 Projects Including Bukhang Redevelopment, Jinhae New Port Phase 1-1, and Yeondo Marine Culture Park Development

Busan Port Authority (BPA) has disclosed 25 projects subject to the 2024 Project Real-Name System on its official website to ensure transparency and accountability for its ongoing major projects.

Busan Port Authority (BPA).

The Project Real-Name System is a policy designed to enhance transparency and accountability, whereby individual public institutions disclose the names of those responsible and the progress of targeted projects after review by a deliberation committee, in accordance with the Ministry of Economy and Finance’s “Guidelines on Innovation in Public Institutions.” BPA has been publishing this information annually on its website since 2016.

On the 27th, BPA held a Project Real-Name System Deliberation Committee meeting and confirmed the selection criteria for the 2024 projects as ▲ investment projects with a total budget of 30 billion KRW or more ▲ projects receiving national subsidies.

Accordingly, a total of 25 projects were selected, including large-scale construction projects such as the Busan Port North Port Phase 1 and 2 Redevelopment Projects, the Jinhae New Port Phase 1-1 Container Wharf Construction Project, as well as new projects for 2024 like the Yeondo Marine Culture Park development and the Busan Port New Port West ‘Con’ Phase 2 Port Hinterland Complex development.

The total budget for the 2024 projects subject to the Project Real-Name System amounts to 7.4 trillion KRW.

Of this, the budget allocated for 2024 is 597.4 billion KRW, which corresponds to 40% of BPA’s 2024 budget of 1.4952 trillion KRW.

Kang Jun-seok, President of BPA, stated, “By disclosing the projects subject to the Project Real-Name System, we aim to widely inform the public about the major projects our authority is undertaking, and by revealing the names of those responsible, all employees will carry out their duties with greater transparency and accountability.”