The second stage of the North Port redevelopment project will begin this year.
The North Port Integrated Development Promotion Team (of the Ministry of Oceans and Fisheries) completed negotiations to sign an agreement with Busan City Consortium, which is the project operator.
The project will continue until 2030, using some 4.4 trillion won.
Highlights of the area include a MICE district which will house an exhibition, conference and accommodation facility used for the 2030 World Expo, a silo complex, and the Busanjin terrace region.
Construction is expected to begin next year.