Biden to Invest 4 Trillion KRW in US Port Infrastructure Improvement... Creating 40,000 Jobs

Visit to Baltimore
Part of IRA

U.S. President Joe Biden announced on the 29th (local time) that he will invest a total of $3 billion (approximately 4.16 trillion KRW) in improving port infrastructure within the United States.

[Image source=Yonhap News]

According to AP News and others, the White House stated that President Biden will visit Baltimore, Maryland, to announce an investment plan for 55 ports across the U.S. This investment is part of the Inflation Reduction Act (IRA) and is intended to reduce port pollution and address the climate crisis.

The White House expects this investment to create a total of 40,000 jobs across the economy, including 6,500 jobs in the manufacturing sector. This decision follows a union strike at southeastern U.S. ports on the 30th of last month, which temporarily halted cargo loading and unloading operations at 36 ports. Although the strike ended with a labor agreement, the union continues to demand further discussions on job protection amid port automation.

As part of this investment, the Maryland Port Administration, which owns the Port of Baltimore, will receive $140 million (approximately 194.1 billion KRW). The funds will be used to purchase zero-emission port equipment and charging facilities, cargo handling equipment, and trucks, as well as to create about 2,000 jobs. The Port of Baltimore is the largest automobile import and export port in the U.S., supported daily by around 20,000 port workers and truck drivers.