This paper analyzes the profitability of the Private Finance Initiative(PFI) ports and proposes the application plans of the R-project(Rehabilitate project) for old ports to attract and activate private investment in the port industry. The R-project of old ports can reduce the government’s financial budget and provide improved facilities for users more quickly than the public sector comparator. Before suggesting the R-project for old ports, the profitability of the currently operating 11 companies of the PFI ports are analyzed using the four ratios of profitability, and the results show that all the companies indicate low profitability, except for the top three companies. To apply the R-project, the three types of R-project ports are categorized as maintaining the function of the port, changing the function of the port, and mixing the function of the port. Additionally, three obstacles and improvement measures are suggested; attracting private business, legal issues, and administrative procedures. This study is conducive to the policy making for the port renewal and the activating PFI for the port industry

Abstract
1. Introduction
2. Literature review
    2.1 Private Finance Initiative of the ports
    2.2 Rehabilitate project for PFI
3. Analysis of the Profitability of PFI Portscompanies
    3.1 Overview of the PFI ports in Korea
    3.2 Analysis of the companies’ profitability of theKorean PFI ports
4. The application plans of the old portsR-project
    4.1 Overview of aging ports in Korea
    4.2 Types of PFI
    4.3 Application of R-project for the old ports
    4.4 Obstacles and improvement measures
5. Conclusion
References

• HuckJun Yang(Busan Development Instituted, Korea) Corresponding author