Fisheries Compensation Agreement Signed for Jinhae New Port Development

Realizing regional mutual growth through the Jinhae New Port development project through communication among the central/local governments and the private sector

  The Ministry of Oceans and Fisheries (MOF) announced that it signed the fisheries compensation agreement—the last step for starting the construction of the government infrastructure development project for the Jinhae New Port in Busan Port—on Friday, July 11.

 As the largest port development project in history with total investment of KRW 12.6 trillion, Jinhae New Port in the Busan Port development project seeks to respond preemptively to the increased size of ships and increase in container volume. The signing of this fisheries compensation agreement kicks off the project in earnest.

 To commence port development construction, compensation for fishing damage must be provided to local fishermen by considering the impact on the surrounding fishing environment; signing the agreement on compensation for fishing damage is the first step.

  MOF established a consultative body among the government, private sector, and local governments in 2019 to implement the development of Jinhae New Port quickly and efficiently by continuously collecting opinions and discussing current issues, such as preparing a support project plan for mutual growth with local residents. The Ministry formed a TF Team consisting of local governments and Busan Port Authority (BPA) in 2024 to conclude an agreement on compensation for fishery damage, with the agreement finalized after dozens of intensive discussions with fishermen.

  “It is necessary to develop Busan Port—which has excellent geopolitical advantages—into the world’s best hub port in preparation for the Era of the Northern Sea Route. We will do our best to complete the government infrastructure development in time to develop Busan Port’s Jinhae New Port into a global megaport,” Vice Minister of Oceans and Fisheries Kim Seong-beom said.