More money has been allocated to develop Busan port in 2016 Busan Regional Oceans & Fisheries Administration has announced.
A KRW278 billion (USD242 million) budget has been set aside to finance the ongoing development of Busan New Port and the redevelopment of Busan North Port. The funds will come from state coffers.
The budget allotted to South Korea’s busiest port is 12% higher than for 2015.
Next year, the planned works include demolishing Tohdo, an uninhabited island, to improve access to Busan New Port. As part of Busan North Port’s redevelopment, a backroad leading to the port will be built.
A breakdown of the budget shows that KRW181.9 billion of the entire sum will go towards Busan New Port.
The administration explained that Busan New Port would require more financial support due to the demolition of Tohdo and the intensive dredging involved.
The waters of Busan New Port would be dredged to depths of 17 m.
Work on developing the port hinterland continues. In addition, construction on a landfill formed from dredged sediments would begin in 2H16.