SEJONG, April 15 (Korea Bizwire) — South Korea on Wednesday began work to expand the capacity of a vehicle-only port that is designed to boost the country’s auto exports, the government said.
The construction for a new vehicle-only quay began at the southwestern Pyeongtaek-Dangjin Port, according to the Ministry of Oceans and Fisheries.
The construction is set to be completed in January 2018, bringing up the port’s processing capacity to over 1.5 million cars per year, the ministry said in a press release.
The port is currently designed to process only 1.2 million cars a year, but the fast growth of the country’s auto exports caused over 1.5 million vehicles to be delivered to the port last year, nearly 25 percent of the country’s overall auto exports.
South Korea exported about 6.35 million cars, including some 3 million new vehicles, in 2014.
“Once the construction is completed, the capacity of the Pyeongtaek-Dangjin Port will be significantly enhanced, also strengthening the port’s role as a hub for auto exports,” the ministry said.