S Korea to invest nearly 39 bln USD to expand port infrastructure

16:13, July 25, 2011      

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The South Korean government announced a plan to invest 41 trillion won (38.9 billion U.S. dollars) through 2020 to expand port infrastructure, news reports said Monday.

The Ministry of Land, Transport and Maritime Affairs said the investment will be used to build more piers at seaports in order to increase the country's annual cargo-processing capacity from 1.21 billion tons to 1.81 billion tons per year.

The ministry expects the plan will raise the added value of the port industry from 20 trillion won to 40 trillion won a year by 2020, while boosting the number of seaport jobs from the current 480,000 to 1 million during the same period.

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