Investment application companies continue in Gwangyang Port

Many companies try to invest on Gwangyang Port wharf construction work.
Lately, leading domestic companies are showing their willingness to participate in Gwangyang Port wharf construction through the BTO (Build-Transfer-Operate) form.
LG E&C. introduced a private investment intention document to MOMAF (Ministry of Maritime Affairs & Fisheries) indicating their desire to build 5 berths between 2005 and 2011 to anchor 50-thousand ton class container ships.
They want to build 1,435,000 ㎡ of container wharf grounds at a cost of 631,500 million won with government approval.
Also, an unnamed company sent in investment documents to MOMAF regarding construction of a general wharf for concurrent dockage of 20-thousand ton class 2 ships at a cost of 84,000 million won starting next year and lasting until 2007.
LG E&C. has run the Gwangyang Port container wharf investment group since the first of this year. The other company plans to operate with a 7 to 3 joint investment with a domestic shipping company.
One insider from LG E&C. said, "We expect Gwangyang Port will develop as a major Northeast Asian logistic hub port" and added "So we decided to take part in this business for local economic activating?
The general consensus from several sources in the shipping business is that many companies are applying for Gwangyang Port investment because Gwangyang Port receives more investment compared to Pusan Port.