Busan Port Authority Establishes Infrastructure Cooperation System to Revitalize Bukhang Redevelopment

Business Agreement Signed on the 14th for the Creation of a Marine Institution Cluster
Establishing Industry-Academia-Research Cooperation Governance for Phase 1 Revitalization

Busan Port Authority (BPA) announced that Song Sang-geun, the newly appointed president, attended the "Business Agreement Signing Ceremony for the Creation of a Marine Institution Cluster in the Busan Port North Port Redevelopment Project" held on the 14th at the Busan Port International Exhibition & Convention Center.

Signing Ceremony for the North Port Redevelopment Marine Institution Cluster Agreement (Third from the left, BPA President Song Sang-geun). Photo by BPA

The signing ceremony was attended by the Ministry of Oceans and Fisheries, Busan Port Authority, Korea Ocean Business Corporation, Korea Shipping Association, Korea Maritime and Ocean University, Korea Maritime Institute, and Korea Institute of Ocean Science and Technology. They plan to establish governance for creating a marine institution cluster within the complex port district of the first phase of the Busan Port North Port redevelopment project area and strengthen cooperation systems among the institutions.

The main purpose of the agreement is to lay the foundation for introducing a marine institution cluster to revitalize the first phase of the Busan Port North Port redevelopment project and to establish a cooperation system among industry, academia, and research.

In particular, the participating institutions will jointly establish the scale and method of occupancy within the cluster, the facilities to be introduced, and detailed utilization plans. They will mutually coordinate the land use area by reflecting each institution’s occupancy demand. Additionally, they plan to discover further occupancy demand from other marine-related organizations and groups to promote the expansion of the marine industry ecosystem.

Busan Port Authority, together with the Ministry of Oceans and Fisheries, will establish a comprehensive plan for cluster creation and actively support the smooth development of the cluster by actively reflecting occupancy demand.

BPA President Song Sang-geun stated, “The Busan Port North Port redevelopment project is an important project responsible for the future of Busan Port. I consider it meaningful that through this agreement, we are taking the first step toward the development of the marine industry and strengthening the competitiveness of Busan Port.” He added, “Busan Port Authority will continue to do its best for the development of the region and the nation.”

The Busan Port North Port redevelopment project is Korea’s first port redevelopment project aimed at reorganizing the port functions of Busan Port and achieving integrated development of the port and the city. The creation of the marine institution cluster is expected to play a crucial role in strengthening the competitiveness of the marine industry in the Busan area and establishing a hub for related industry-academia-research cooperation.