Attracting KRW 1.6 Trillion in Private Investment for Port Development Projects in 2024

MOF announcing private investment outcomes for port construction by non-management agencies in 2024 as a result of supplementing the limited budget and developing in a timely manner the facilities needed by the private sector

 The Ministry of Oceans and Fisheries (MOF; Minister Kang Do-hyung) announced that it had attracted KRW 1.6644 trillion worth of private investment in port development projects by non-management agencies in 2024.

 The port development by non-management agency project is one of the private investment schemes that carry out works related to new construction, reconstruction, reinforcement, maintenance, and dredging of port facilities with the permission of the managing agency (Regional Offices of Oceans and Fisheries and Provincial Offices). It is an effective way of quickly developing the facilities needed by the private sector and supplementing limited finances.

 In 2024, 11 Regional Offices of Oceans and Fisheries and 7 Provincial Offices approved port development by non-management agency projects, a 28% increase from the previous year’s 156 cases. The number of issued permits by port facility type was highest for other facilities—such as electricity and renewable energy—with 97 cases. Regarding the investment amount, KRW 865.1 billion—the largest sum—was invested in cargo distribution facilities including logistics centers and cold storage warehouses.

 There has recently been an increasing demand for the development of new facilities such as smart ports based on AI and automation, cold chain warehouses for performing high-value-added logistics functions, and smart logistics warehouses.

 “We are expanding in a timely manner the port facilities needed by the private sector through the non-managed port development projects to adapt to the changing global port environment and contribute to the revitalization of the local economy and job creation. We will continue to provide information on port investment and improve related systems so that end-users of ports—such as shippers and logistics companies—can utilize ports effectively,” Minister Kang Do-hyung said.