South Korea to Work on Port of Buenaventura Development Plan

South Korea’s Ministry of Ocean and Fisheries will conduct a business feasibility study for the development of container terminals at the Port of Buenaventura, Colombia’s second biggest harbor located on the Pacific shore. 

The ministry will inspect the port and its surrounding areas to establish a master plan, as part of the two countries’ bilateral cooperation on developing container terminals.

The ministry signed a memorandum of understanding (MOU) with Colombia in December 2014 agreeing to create a basic development plan for Buenaventura. The ministry has now contracted the drawing up of a development plan as a follow-up measure.

As part of the project, the ministry will study current conditions at the harbor, including its cargo volume, select a location at the harbor and estimate the size of the area to be developed. It will also establish a basic development plan, including a ground plan, measure expected environmental effects, conduct economic and financial feasibility studies and then present its policy proposals.

The ministry also intends to form a bilateral private-public working-level committee within the year and monitor the project’s progress. It will advise Colombia on how to raise capital after the building of the port and execute the harbor development plan so that Colombia’s intention to develop its harbor can actually bear fruit.