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‘Central Bay’ to be tour & biz hub

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Redevelopment project launched with citizens’ initiatives

 

The redevelopment area of Busan North Port will make a fresh start as the hub of international maritime tourism and business with the new name of “Central Bay.”

Mayor Hur Nam-sik, while presiding over the first meeting of the project’s promotion committee Nov. 14, received briefing on the project progress and scheduled start of its construction at yearend and fixed its “Central Bay.”

 

As its name tells, Central Bay reflects the area’s dream of emerging as the center of Busan, Korea and the world, by making another takeoff as a global maritime and tourism hub. The English name also reflects the developers’ expectations the area would attract a number of foreign tourists and executives.

The project calls for investing about 8.5 trillion won($5.6 billion) to turn the 1.52 million square meters of area on Busan Port into the center of international maritime tourism and business as the gateway to Eurasia by 2020.

The city government and Busan Port Authority or BPA plan to soon complete preparations, including sending invitations for bidding to select a builder, and start historic construction in December. The city expects the redevelopment project would crate economic effect of 31.4 trillion won and create jobs for 120,000 .

Busan also wants the project to help the area to restore its function as the city center by creating it as an urban as well as maritime center in live operation 24 hours a day.

By 2020, the city will be able to be reborn as the hub of international maritime business and tourism, a spokesman at the City Hall said.

 

The source of news : Dynamic Busan