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Chinese firm proposes investing W211 bln into Dangjin marina project

According to Yonhap News,

(SEJONG=Yonhap News) A Chinese state-run company has proposed a plan to invest a total of 210.7 billion won (US$177.2 million) in a South Korean marina project, the government said Monday.

The Ministry of Oceans and Fisheries said Liaodi Group, a construction and engineering firm run by China's Liaoning Province, submitted a proposal last week for the marina project in Dangjin on the west coast.

The South Korean government has announced a set of projects to build six marina harbors, including one in Dangjin, throughout the nation in a bid to develop the country's marine leisure industry.

According to the proposal, the Chinese firm will invest 114.8 billion won to construct the infrastructure, including bulwarks, docks and club houses. The harbor will be able to house some 300 boats and cruise ships at the same time.

It will spend another 95.9 billion won on building hotels and other leisure facilities to host foreign tourists and visitors, the ministry said.

The ministry expected the Dangjin marina harbor to create about 430 billion won in industrial production and 2,878 new jobs once completed.

Liaodi Group will be the main contractor of the development project when the South Korean government accepts the proposal.

The government has focused on the marina and the cruise industries as a growing number of Asian people embark on cruise ship tours in recent years. According to government data, over 7 million people are expected to enjoy maritime travel by 2020, up from 1.37 million in 2013.

The number of foreign tourists arriving in South Korea on cruise ships topped 1 million in 2014 and is expected to reach 3 million in 2020.

"The government will keep putting efforts toward attracting foreign investments to complete harbors," the ministry said in a release.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (May 30, 2016)
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