The Ministry of Oceans and Fisheries said on the 19th that it attracted 540.4 billion won in private investment last year through non-authority port development projects.
A non-authority port development project is a private investment system under the Harbor Act in which a private entity, with approval from the competent authority such as a regional office of the Ministry of Oceans and Fisheries or a metropolitan/provincial governor, carries out construction work such as new construction, reconstruction, reinforcement, maintenance, and dredging of port facilities. It is considered advantageous because it develops facilities needed by the private sector in a timely manner and supplements limited government finances.
A total of 185 projects were approved last year. By port facility, other facilities such as electricity and renewable energy accounted for the most with 82 cases (282.7 billion won). They were followed by cargo distribution (42 cases, 120.6 billion won) and cargo-handling equipment (17 cases, 62.8 billion won).
Port and Logistics Bureau Director Gong Du-pyo at the Ministry of Oceans and Fisheries (MOF) said, "Even amid the prolonged downturn in domestic construction investment, private investment in building eco-friendly, high value-added logistics facilities within port districts is steadily increasing," and added, "We will push institutional improvements to streamline administrative processing for non-authority port development projects."