Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Busan Port Authority outlines budget allocation for 2017

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.”

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish