News:Asia

Busan Port Authority outlines budget allocation for 2017

South Korea’s Busan Port Authority (BPA) has outlined its budget allocation for 2017, with the bulk going to port construction and a focus on keeping expenses in check.

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.

Choo Yeon-woo, vice president of BPA’s management division, said: “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% to maintain a stable financial structure.”

Posted 06 January 2017

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Lee Hong Liang

Lee Hong Liang
Asia Correspondent, Seatrade Maritime

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