The South Korean government is expediting the second phase of the North Port project, with a new target completion date set for 2027—two years ahead of the original schedule. The Ministry of Oceans and Fisheries, along with the Busan Port North Port Redevelopment Integrated Development Project Team, are working diligently to streamline administrative procedures and initiate construction by the first half of 2023. The accelerated timeline aims to prepare the site for the prestigious 2030 Busan World Expo and showcase South Korea’s commitment to advancing its maritime industry.
The ambitious 4.636 trillion won ($3.9 billion) project is set to establish the area as a global ocean center by integrating marine industry, MICE (Meetings, Incentives, Conferences, and Exhibitions), tourism, financial industries, and residential facilities within a 2.28 million square meter zone. The first phase of the redevelopment, which is already complete, offers accommodation and cultural performance spaces for the upcoming Busan World Expo. The second phase will further solidify Busan’s role as a key player in the maritime sector, fostering innovation, collaboration, and economic growth.
To expedite the process, the Ministry of Oceans and Fisheries is concentrating on finalizing the business plan before signing a joint agreement, thus ensuring no delays in the bidding process for the 2030 Busan World Expo. By streamlining the administrative procedures involved, the ministry is effectively reducing the standard 38-month timeline to a more efficient 20-month period. This proactive approach demonstrates the government’s dedication to securing the World Expo and promoting South Korea’s global standing.
Additionally, the ministry intends to form a planning team and working-level consultation meeting to discuss the establishment of permanent or temporary facilities for the event in relation to site procurement. This initiative will allow for a coordinated and strategic approach to facility planning and construction, ensuring that the 2030 Busan World Expo is a resounding success.
The accelerated development of the second phase of the North Port project signifies the South Korean government’s commitment to enhancing its position in the global maritime industry and bolstering its reputation as a world-class event host. By successfully completing the project ahead of schedule, South Korea will not only strengthen its maritime sector but also showcase its prowess in executing large-scale, international events, paving the way for future growth and global recognition.
