MOMAF to receive 2.53 trillion won in 2002

A 2002 draft budget of 2.53 trillion won for the Ministry of Maritime Affairs and Fisheries was submitted to the National Assembly on September 29.

This amount represents an increase of 10.6% over this year's budget where its main project costs amounted to 2.32 trillion won, an increase of 11% compared to this year, said the ministry on September 27.

Harbor building will occupy 1.87 trillion won of the budget, a 25% increase over this year, reflecting the government's strategic focus when compared to the whole SOC (Social Overhead Capital) budget increase of 6.3%.

Sea transportation will receive 84.1 billion won, a 76.3% increase, in the wake of tax supply for oil costs in near sea carriers. New harbor projects aimed at establishing a logistic hub in Northeast Asia and the Pacific Rim will aim for a total of 205 wharves by 2011 with 523.6 billion won of investment; 258.3 billion won will go to the Pusan New Port, 105.8 billion won to Kwangyang, 43.2 billion won to Pyoungtaek / Asan, 40.4 billion won to the Ulsan New Harbor, 39.7 billion won to Mokpo, 18.6 billion won to the Pohang Youngil harbor and the Inchon northern harbor will receive 17.6 billion won in funding.

To top it off, a budget of 440.8 billion won was appropriated to add facilities to around 30 harbors in a bid to develop local hub ports and to handle import and export cargoes. Included in that, 20 billion won would be supplied to the Korea Container Terminal Authority for container quays.