Home » Ports/Terminals » South Korea to invest $39 billion in port upgrades

The South Korean government has announced plans to invest 41 trillion won (US$38.9 billion) through 2020 to expand port infrastructure, news reports said.

The Ministry of Land, Transport and Maritime Affairs said the investment will be used to build more piers at seaports to increase the country’s annual cargo-processing capacity from 1.21 billion tons to 1.81 billion tons annually.

The ministry expects the investment to raise the added value of the port industry from 20 trillion won to 40 trillion won a year by 2020, while boosting the number of seaport jobs from the current 480,000 to 1 million during the same period.

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