Busan’s US$9BN revamp
Plans for the massive, US$9.2bn North Port Redevelopment project at Busan, South Korea, have been released by Busan Port Authority (BPA).The regeneration project is expected to take until 2020 to complete and intended to turn the Port of Busan into the international shipping and tourism hub.According to BPA’s master plan, 1.42 million sq m of general cargo piers and central pier at the Port of Busan will be redeveloped. At the redeveloped area, World Business Zone, Live Entertainment Zone, Multi-Use Zone, Ocean Culture Zone, Terminal Zone, and public facilities such as promenade and are to be established.BPA says that it will launch the project in 2008 with the injection of USD9.2bn including US$7.2b of private sector and the redevelopment project will be completed by the year 2020. It claims the project will create 120,000 jobs.