South Korea to invest $10 billion to build Jinhae New Port

South Korea has announced plans to invest 14 trillion won ($10 billion) by 2045 to develop Jinhae New Port, the second major port in Busan, aimed at doubling the current container capacity of the Southern port city. This marks the first time the government has outlined specific development goals for Busan’s ports, including Jinhae New Port.

The government unveiled these plans during a ministerial meeting on Dec. 11. By developing Jinhae New Port, the government aims to boost Busan’s container capacity from 21.2 million twenty-foot equivalent units (TEUs) in 2023 to 39.66 million TEUs by 2045.

Busan Port, which currently operates 40 berths, will add 26 more upon completing Busan New Port 1 and Jinhae New Port, transforming into a massive port with 66 berths—the largest globally in terms of berth capacity.

The new port initiative comes amid changes in the global shipping landscape. As major shipping companies respond to geopolitical conflicts, including those in the Middle East, by deploying larger vessels and focusing on strategic base ports, the government believes that Busan Port must also evolve into a large-scale ‘mega port.’

“By 2032, we plan to establish additional public logistics centers in 11 key supply chain hubs, including the east of the U.S. and Eastern Europe, prioritizing access for domestic companies,” said a Ministry of Oceans and Fisheries official.
Source: The Chosun Daily