The opening of the Busan-Ulsan expressway on December 29, 2008 now makes it possible to travel between the two cities in 30 minutes.
According to Busan Metropolitan City and the Ministry of Land, Transport and Maritime Affairs, the Busan-Ulsan Expressway will dramatically reduce travel time between the two cities to just 30 minutes, from the 57 minutes that was previously the case. The expressway is also expected to reduce logistics costs and increase exchanges between the two cities.
The opening ceremony of the Busan-Ulsan Expressway (No. 65), connecting Haeundae, Busan and Ulju-gun, Ulsan, was held at Jangan Rest Area on December 29, 2008 from 2 p.m., and the expressway opened to the public at As a privately funded project, the expressway was constructed through the investment of the Korea Express Corporation (51%) and the National Pension Corporation (49%), with a total outlay since construction started in 2001 of 1.266 trillion won, over the 7 years.
The Expressway toll fee for cars has been set at 3,500 won, for the 47.2 kilometer long stretch of expressway from Haeundae IC, Busan to the last stop in Ulsan. An official of the Ministry of Land, Transport and Maritime Affairs said, “The toll fee is 1.13 times that of other expressways,” (meaning those operated by Korea Express Corporation), “and is lower than that of other privately funded expressways.”
As a result of the opening of the Busan-Ulsan Expressway, the faster conveyance of industrial materials is expected to reduce 236.2 billion won of distribution costs yearly, and to have a 5.5 billion won environment improvement effect every year through the reduction of 24,000 tons of CO2 air pollution per year. In addition, the expressway will contribute to tourism development along Donghae (the East coast), and to more balanced regional development.