Private investment in ports tops W250b despite construction slump

Private investment in port development surpassed 250 billion won ($170 million) in the first half of this year, even as the broader construction sector remained in a slump. Investment has grown steadily in eco-friendly energy facilities and fisheries distribution infrastructure, signaling a broader shift away from reliance on government funding for port development.

The Ministry of Oceans and Fisheries said Monday it attracted 78 private investment projects worth a combined 252.3 billion won through the non-managing authority port development program in the first half of this year — up 17.5 percent from 214.7 billion won in the same period last year.

The non-managing authority port development program allows private entities to build or upgrade port facilities directly after obtaining permits from regional maritime and fisheries offices or local governments. The system supplements public funding while enabling businesses to secure the facilities they need in a timely manner.

Low-carbon installations, including solar power facilities, accounted for the largest share of first-half investment at 21 projects. Functional facilities such as security posts and fishing port amenities followed at 14 projects, as did support infrastructure including parking lots and power supply facilities. The ministry said private demand for eco-friendly port and logistics infrastructure has been consistently growing.

The single largest investment was a project by the Mokpo Fisheries Cooperative to build a processing and distribution facility for dried laver, with 67 billion won in private capital committed to modernizing fisheries distribution infrastructure.

The ministry said investment in port solar power installations and high-value fisheries distribution facilities has continued to grow even as overall domestic construction investment has contracted since 2021.

"We are reviewing a range of regulatory improvements to expand private investor participation in non-managing authority port development projects," Kong Du-pyo, director general of the ministry's port bureau, said. "We will work to lower barriers to entry so that end users can secure the port facilities they need in a timely manner."