South Korean Government Plans Big Investments in Port Infrastructure

The South Korean government announced a plan to invest $38.9 billion through until 2020 to expand port infrastructure.

According to reports, the investment will be used to build more piers at seaports to increase the country’s annual cargo-processing capacity from 1.21 billion tonnes to 1.81 billion tonnes per year.

The Ministry of Land, Transport and Maritime Affairs said it expects the plan will raise the ports value from $18.9 billion to $37.8 billion by 2020.

The Minister added that the plan would add seaport jobs from the current 480,000 to 1 million during the same period.

(portworld)