BUSAN < invest Korea

According to Yonhap News,

The city of Busan is set to take part in the second phase of the project: Busan North Port Redevelopment, as a main conductor in charge. The maritime affairs ministry's affiliate, Busan north port redevelopment committee, said on Apr. 1 that they were delivered the official statement of intent from a consortium formed with the city authorities concerned, Busan Metropolitan Corporation (BMC) and Korea Land & Housing Corporation (LH).

A private entity Dongwon Development Co., Ltd also revealed its intention to join the project as well.

These potential candidates who’ve filed the intent are qualified to be part of an open contest due in May, where main player of the project will be selected.

It appears that the city of Busan, which began to set out, might have had a need to take the leadership role as a few high stakes city agenda are intertwined with the redevelopment project.

The local authorities have already got ready for the second stage by forming a TF since last February. Taking the municipal budget into full consideration, Busan city reportedly wants to join the project in the form of being part of stakeholders for the project, whereas serving as an administrative body.

At the second round of the contest in May, the result will be made public.

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Source: Yonhap News (Apr. 1 , 2020)