World сlass marina to be built in Busan North Port
The project to build a world-class marina facility at the Busan North Port Redevelopment Project area will proceed. Busan Port Authority(BPA, President Lim Ki-tack) stated that BPA will conclude negotiations on business terms with SUTL Singapore in December and will sign the contract for port facility usage in January.
By signing this contract, SUTL will build a club house, mooring facility which can accommodate 200 vessels, and a yacht academy in the BNPR Maria area by 2018 with an investment of 65 billion won and will operate them for 35years. The economic effect of the marina facility is expected to be around 2.2 trillion won (production value, added value, income inducing effect, etc.) and to create 22 thousand jobs during the period, BPA said in its press release.
Since BPA designated SUTL in 2011 as its priority company for the BNPR Project, the two parties haven’t reached an agreement due to different opinions on port facility fees and facility operation systems over the past three years.
However, recently the BNPR Marina Project has been sailing smoothly as the two parties mediated on the two issues-reasonable fee payments and SUTL’s direct management of the entire zone in the marina-by altering the business type to land usage by foreign investment in accordance with the act of foreigner investment promotion.
BPA plans to proceed with the final agreement to sign the contract next month with SUTL.
SUTL, founded in 1965, is a global leisure development project investment corporation with a network of 21 marina clubs in 11 nations. It operates “One 15 Marina,” in Sentosa Island Singapore, which was chosen as the best Asian Marina in 2009 and 2014. SUTL plans to attract one of the world’s top three yacht races, Volvo Ocean Race, into Busan in 2020 to increase tourists and vitalize the local economy.
BPA President Lim said “Building a global marina facility in Busan North Port will give a boost to the BNPR Project, offer various maritime leisure programs and cultural experience to Busan citizens, invigorate the local economy, and create excellent new jobs
