Busan Port Authority(BPA, president WOO Ye-jong) stated on the 26th that the Port Commission decided to reduce the budget in 2017 by 27.7 percent to 670.2 billion won from 927.2 billion won in 2016.
The following are the details for the allocated budget: port construction 148.7 billion won, BNPR Project 33.6 billion won, incentives including transshipment cargo attraction 27.1 billion won, Busan North Port joint corporation investment 30 billion won, and port facility maintenance 20.2 billion won.
In particular, 15.3 billion won will be injected into securing a new driving force, 4.2 billion won for port industry R&D, and 1.1 billion won for fostering skilled workforce.
Vice president of the management division, CHOO Yeon-woo stated “To secure financial soundness in 2017, we will reinforce investment screening to reduce expenses and business costs. Moreover, BPA plans to keep its debt ration at 50 percent to maintain a stable financial structure.”
Source: Busan Port Authority (LF)
Source: Busan Port Authority