Business · Companies · 2 hrs ago
South Korea considers public funding for Saemangeum port land
North Jeolla Province Governor Lee Won-taek asked South Korea’s government to fund development land behind Saemangeum New Port.
Budget Minister Park Hong-keun said he would consult other ministries about moving the project from private investment to public funding.
The proposed change covers 1.18 million square metres of port-side land, with an estimated cost of about 205.6 billion won.
The land is needed for logistics and industrial facilities so the port can function fully, but work under the private investment plan has been slow.
Hyundai plans to operate a robot production facility there from 2030, making infrastructure by 2029 important to its schedule.
Public funding could reduce uncertainty, but the government has not yet approved the switch; discussions with relevant ministries are the next step.
South Korea’s budget minister said he would actively consult relevant ministries about shifting development of land behind Saemangeum New Port from private investment to public funding.
The proposal concerns 1.18 million square metres of land in the port’s first-stage development.
Jeonbuk Province Governor Lee Won-taek called for state funding to support the port project and encourage business investment.
The province says the land is needed for logistics and industrial facilities, including infrastructure for a Hyundai Motor production facility planned to start operating in 2030.
The full Saemangeum New Port project is planned to run from 2011 to 2040, with a total budget of 3.2476 trillion won.
- Who
- Budget Minister Park Hong-geun said he would consult relevant ministries after a request from Jeonbuk Province Governor Lee Won-taek.
- What
- South Korea is considering shifting development of land behind Saemangeum New Port from private investment to public funding.
- When
- Park visited the Saemangeum site on October 28. Yonhap reported the development on October 30, 2026.
- Where
- Saemangeum New Port, North Jeolla Province, South Korea.
- Why
- The province says public funding could reduce uncertainty and deliver the land in time for business plans. The land is needed for logistics and industrial facilities.
This story does not have two clearly opposing sides.
Park Hong-geun visited the Saemangeum site to review the progress of major projects.
Lee Won-taek urged the government to fund development of the port’s hinterland land, and Park said he would consult relevant ministries.
- Total project period
- 2011–2040
- Total project budget
- 3.2476 trillion won
- Port facilities
- 9 berths and 4.51 million square metres of hinterland land
- First-stage hinterland area
- 1.18 million square metres
- First-stage hinterland cost
- About 205.6 billion won
1 source
What people are saying
I will actively consult with relevant ministries, including the Ministry of Oceans and Fisheries, on shifting the development of the hinterland land, which has progressed slowly under the existing private investment approach, into the public sector
For the success of the state-led Saemangeum project and to promote corporate investment, the hinterland land for the new port should be shifted to a state-funded project and developed under public leadership