MOMAF port improvement plans for 2004

MOMAF (Ministry of Maritime Affaires & Fisheries) announced February 13 that it would develop several ports as north-east Asian logistics hubs in a report to the president.
MOMAF indicated in the report that they would first develop Pusan New Port and Kwang Yang Port.
To this, they will complete three berths in the north wharf of Pusan New Port by 2006, and 220,000 pyoung (1 pyoung is about 3.3 sq. m) of hinterlands by 2006, 2 years earlier than planned.
MOMAF will develop the container wharf as originally planned, and use the existing open storage yard, with 100,000 pyoung first and 100,000 pyoung of additional hinterland in 2006.
It aims to attract 5 or 6 multinational logistic companies to Pusan New Port and Kwang Yang Port to make high value-added cargoes by linked Port and hinterlands this year.
With this, MOMAF will designate hinterlands in Pusan New Port and Kwang Yang Port as Free Trade Zones to reduce and/or exempt taxes, fix low rental fees and long-term leases in the first half of this year and it will provide incentives to hinterland facilities like storage by improving port laws.
Importantly, MOMAF announced that it would organize a national logistics improvement tasking force with MOCT (Ministry of Construction & Transportation) to solve logistics problems.