South Korea will invest 41 trillion won (US$38.9 billion) over the next decade to strengthen the infrastructure of the nation's seaports, the transportation ministry said Sunday, Businessghana reports.
The investment is part of the government's long-term seaport development plan to be completed by 2020, according to the Ministry of Land, Transport and Maritime Affairs.
Under the plan, the ministry will inject the envisioned investment to build more piers at seaports in order to expand the nation's annual cargo-processing capacity from 1.21 billion tons to 1.81 billion tons in 2020.
The ministry expects the increased capacity to translate into 40 trillion won worth of added value every year, while boosting the number of seaport jobs from the current 480,000 to 1 million by the target year.
Busan, the nation's largest seaport located in the southeast, will be turned into a hub for transshipment cargo, while other seaports will be grown into "strategic" hubs for such specific industries as steelmaking and shipbuilding.
In a bid to boost maritime tourism, the ministry noted that it will focus on building cultural and business facilities in the so-called "water friendly" areas around seaports. It will also construct docks for cruise ships at seven seaports by 2020.
Of the total envisioned investment, the government will inject its own budget of 18 trillion won on building infrastructure, while raising over 20 trillion won from the private sector to invest in piers and other facilities, according to the ministry. Top N. Korean diplomat to visit.
The investment is part of the government's long-term seaport development plan to be completed by 2020, according to the Ministry of Land, Transport and Maritime Affairs.
Under the plan, the ministry will inject the envisioned investment to build more piers at seaports in order to expand the nation's annual cargo-processing capacity from 1.21 billion tons to 1.81 billion tons in 2020.
The ministry expects the increased capacity to translate into 40 trillion won worth of added value every year, while boosting the number of seaport jobs from the current 480,000 to 1 million by the target year.
Busan, the nation's largest seaport located in the southeast, will be turned into a hub for transshipment cargo, while other seaports will be grown into "strategic" hubs for such specific industries as steelmaking and shipbuilding.
In a bid to boost maritime tourism, the ministry noted that it will focus on building cultural and business facilities in the so-called "water friendly" areas around seaports. It will also construct docks for cruise ships at seven seaports by 2020.
Of the total envisioned investment, the government will inject its own budget of 18 trillion won on building infrastructure, while raising over 20 trillion won from the private sector to invest in piers and other facilities, according to the ministry. Top N. Korean diplomat to visit.