|Subject||Busan's US$9bn Revamp
|Writer||Lee Min Jung
Tuesday, 31 October 2006
<br />PLANS for the massive, US$9.2bn North Port Redevelopment project at Busan, South Korea, have been released<br> by Busan Port Authority (BPA).
<br />The regeneration project is expected to take until 2020 to complete and intended to turn the Port of Busan into<br> the international shipping and tourism hub.
<br />According to BPA's master plan, 1.42 million sq m of general cargo piers and central pier at the Port of Busan will <br> beredeveloped. At the redeveloped area, World Business Zone, Live Entertainment Zone, Multi-Use Zone, Ocean<br> Culture Zone, Terminal Zone, and public facilities such as promenade are to be established.
<br />BPA says that it will launch the project in 2008 with the injection of USD9.2bn including US$7.2b of private sector <br>and the redevelopment project will be completed by the year 2020. It claims the project will create 120,000 jobs.