In the face of growing demands for better and more efficient port logistics services and heightened global competitiveness, the construction of Busan New Port with 30 new berths was planned and is scheduled for completion by 2015. Initial 6 berths were opened in 2006 and additional 24 berths are to be built by 2015.
The total cost is estimted at USD 9.15 billion and once completed, the new port will be capable of handling 8.04 million TEU's annually with the total capacity of 15 million TEU.
State-of-the-art, 22-row twin lifts and a top notch IT system will be introduced to offer the best port logistics services.
The northern distribution part will be developed by 2010. Foreign investors are invited to take opportunities to invest and do business in the new port and the distripark.
An area of approximately 1.2 million square meter (288 acres) to the north of North Container Terminal of Busan New Port will be developed into a logistics district in four phases by 2010. Foreign logistics companies are invited to move into the distripark and take advantage of the state-of-the-art port logistics infrastructure and services that Busan New Port offers. In addition, tenant businesses can enjoy various incentives including tax benefits and streamlined administration services.
Free Trade Zone
North Container Terminal and the logisticis district measuring approximately 4 million square meters (960 acres) have been designated as a Free Trade Zone in 2004. Since Busan New Port is also a part of the Free Economic Zone, companies can benefit from the special status of this area and maximize the efficiency of their business operation by using all the incentives available under the Free Trade Zone Act and the Free Economic Zone Act.
Busan New Port Logistic Complex
Source: Invest Busan - Korea (www.investkorea.org) & Future Development of Busan Port (BPA, 2009)