Busan Port outlines budget allocation for 2017
South Korea’s Busan Port Authority (BPA) has outlined its budget allocation for 2017.
According to MANA, BPA announced that it has secured a budget of KRW670.2bn ($564.3m) for this year, with KRW148.7bn going to port construction, KRW33.6bn to Busan North Port Redevelopment Project, KRW30bn to Busan North Port joint corporation investment, KRW27.1bn to incentives including transhipment cargo attraction, and KRW20.2bn to port facility maintenance.
In particular, KRW4.2bn will be injected for port industry R&D and KRW1.1bn for fostering skilled workforce.
The 2017 budget of KRW670.2bn is 27.7% lower than the 2016 budget of KRW927.2bn.