The Suyeong Wastewater Treatment Facility Modernization Project has been officially approved as a private investment project by the Ministry of Economy and Finance’s Private Investment Project Deliberation Committee.
The decision follows the Korea Development Institute’s (KDI) eligibility assessment in December 2024, with Busan City aligning its project proposal with national investment priorities.
With this approval, the project now moves forward with legal and procedural clarity, securing a framework for its implementation through private capital.
The modernization project aims not only to upgrade sewage treatment infrastructure but also to transform the site into a more efficient, culturally integrated urban space in the heart of the city.
The plan outlines improvements that will maximize land use, create new public spaces, and reduce long-term financial burdens.
The proposal includes revised cost estimates that are expected to save the city approximately 30.9 billion won compared to initial plans.
Fair evaluation criteria have also been established to ensure transparency in selecting a preferred negotiating partner.
Following city council approval scheduled for July, the city plans to issue a request for proposals, select a contractor with strong technical capacity, and begin implementation procedures.
Busan aims to finalize contracts and begin construction by 2026.
