The South Korean Government announced plans for investments in 12 ports across the country. The expansion plans include the development of Busan as a mega-port, and the expansion of cargo handling capacity of the ports. The overall investment will reach the cost of 41.8 trillion ($35.2 billion). Specifically, the Korean government will inject KRW16.03trn directly and the remaining KRW25.77trn will be raised from the private sector. Busan port infrastructure will see 21 new berths, capable of accommodating 25,000-teu containerships. Cargo handling capacity at the 12 ports will increase to 1.85bn tonnes by 2040 from 1.32bn tonnes in 2017, and container handling capacity will increase to 48.73m teus from 27.17m teus in 2017. Also on in plans are two additional ports. One will be on the southern island of Jeju which will be developed as a cruise port, and another at Donghae on the east coast, which will handle cargo.