Busan Port Authority (BPA, President Kang Jun-seok) resumed the project planning service for the Phase 2 North Port redevelopment project, which had been temporarily suspended since December 2023, this year.
The Busan City consortium (Busan City, Busan Port Authority, Korea Land and Housing Corporation, Busan Urban Corporation, Korea Railroad Corporation), which is promoting the Phase 2 North Port redevelopment project, must establish a project plan and obtain government approval in accordance with the Port Redevelopment Act. However, due to rising raw material prices and the need to reassess project feasibility amid challenging domestic and international conditions, the service had been temporarily suspended.
To ensure the normal promotion of the Phase 2 project, the Busan City consortium agreed earlier this year on inter-agency cooperation matters for resuming the service, including a priority reassessment of project feasibility as an additional task for the project planning service.
Originally, the project planning service was scheduled for a one-year period, but the duration may be extended somewhat due to additional tasks such as the feasibility reassessment.
After the service is completed, the project plan will be announced following government review, and the project can be implemented once the project executor obtains approval for the detailed implementation plan accordingly.
Jeon Seong-hoon, Head of the Port Regeneration Project Group at BPA, said, “The resumption of this project planning service has secured the momentum for the normal promotion of the Busan Port North Port Phase 2 redevelopment project. We will do our best to ensure the smooth progress of the service together with other agencies within the consortium.”
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