Invest KOREA

According to Yonhap News,

(SEJONG=Yonhap News) South Korea will inject 14.7 trillion won (US$13.4 billion) to upgrade its seaport facilities and strengthen logistics functions by 2020 as part of its long-term plan to deal with intensifying competition in the global shipping market, the maritime affairs ministry here said Thursday.

The country's 30 international trade ports and 29 coastal ports will be subject to the master plan released by the Ministry of Oceans and Fisheries.

The government will cover 7.4 trillion won of the project, with the remaining costs to be collected from the private sector, the ministry added.

Under the plan, the government will expand docks and wharves to house more container carriers and build a wider road network to beef up logistics infrastructure for export-oriented industries such as petrochemical, automobile and steel.

Around the port areas, commercial and residential complexes will be built to facilitate the urban functions of the seaports.

In order to foster cruise tourism, an additional 16 cruise docks will be built at nine ports, including Jeju, Busan and Incheon.

Twenty-three passenger terminals will be renovated, with 71 bulwarks to be reinforced to deal with the possible impact of global warming.

The government expected the plan will help maritime cargo processed at the country's seaports rise to 1.4 billion tons in 2020 from the current 1.1 billion tons.

brk@yna.co.kr

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Source Text

Source: Yonhap News (Sep. 29, 2016)