Ministry of Oceans and Fisheries to Invest 14 Trillion Won by 2045... Enhancing Busan Port Competitiveness

MOF Announces 'Global Hub Port Development Strategy' on the 11th

The Ministry of Oceans and Fisheries has decided to invest 14 trillion won by 2045 to solidify the status of Busan Port as a global hub port and enhance its competitiveness.

On the 11th, the Ministry announced the ‘Global Hub Port Development Strategy’ at the Meeting of Ministers for Strengthening Industrial Competitiveness.

The Ministry stated, “In line with the trend of larger vessels, we will invest 14 trillion won by 2045 to build the Jinhae New Port, securing the world’s largest existing port facilities at Busan Port.” The plan is to construct 66 berths at Busan Port, the same number as the TUAS port under construction in Singapore, which ranks first in transshipment. Facilities will be built to stably accommodate vessels exceeding the current world’s largest 24,000 TEU class, up to 30,000 TEU class ships, and ’container‘ storage space 1.5 times larger than existing docks will be created.

All nine berths in the first phase of Jinhae New Port will be operated by a single operator, establishing the largest operational system in Korea. This will secure cargo handling capacity of over 6 million TEU, enabling smooth processing of the largest alliance volume currently calling at Busan Port (THE, 6.5 million TEU).

If a single operator fully handles the alliance volume, efficient berth management and minimal transshipment to other ports will be possible. The Ministry explained, “If the terminal operators of the existing new port are integrated, incentives worth up to 10 billion won, including facility integration costs and rent, will be provided.”

Additionally, overseas logistics centers will be expanded in promising hubs resulting from supply chain restructuring in the US, Southeast Asia, Europe, and other regions. The number of centers will increase from the current five to eight by 2027 and 16 by 2032, providing priority usage rights and logistics consulting services to our small and medium-sized enterprises.

To ensure smooth import and export logistics, securing equity and operating rights in major hub terminals such as US East and West Coast ports will be pursued simultaneously. Furthermore, a 1 trillion won international logistics fund will be established to support financing for companies expanding overseas.

A port hinterland complex the size of 500 soccer fields (3.62 million ㎡) will be supplied near Busan Port to attract global logistics companies. Through institutional support such as securing strategic reserved land and supplying large plots, investment from promising companies will be encouraged to revitalize the regional economy. This aims to strengthen Busan Port’s own cargo generation function.

To increase the share of renewable energy power generation within the port to 25% by 2032 and 100% by 2050, an eco-friendly port transition will be promoted. Along with building eco-friendly power generation facilities such as solar power, fuel cells, and offshore wind power, infrastructure will be established to supply eco-friendly ship fuels like methanol and ammonia at Busan Port.

Kang Do-hyung, Minister of Oceans and Fisheries, said, “The strengthening of protectionism, regional conflicts, and changes in shipping alliances are both a crisis and an opportunity for our ports due to supply chain restructuring.” He added, “Based on the newly prepared Global Hub Port Development Strategy, we will develop Busan Port into a global top 3 port and make it a global logistics hub that firmly supports South Korea’s dynamic economy.”