Busan is good

Grand opening for Busan New Port

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Korea launched its bid to become the logistics and financial hub of Northeast Asia yesterday as it raised the curtain on the Busan New Port.
Operations began immediately at three of the 30 container berths. Construction of the facility began in 1995 and cost an estimated 9.2 trillion won.

Korea hopes its largest port will eventually become the world's busiest and most sought-after logistics terminal because of its strategic location and competitive services.

Busan now ranks as the world's fifth-largest container port and is directly competing with Hong Kong, the world's No. 1 cargo destination, followed by Singapore and the Chinese cities of Shanghai and Shenzhen.

"This new port is going to change not only the history of our ports but also the logistics map of Northeast Asia," said Minister of Maritime Affairs and Fisheries Oh Keo-don during the opening ceremony in Busan.

"We plan to make every effort to get this port operating at full capacity at the earliest possible moment, and attract as many container ships as possible."

Asia's fourth-largest economy boasts that the port's strategic location can help link the Eurasian continent with the economies of the Pacific Rim.

Busan is the country's second-largest city and currently handles 80 percent of all national cargo transportation. It aims to boost annual capacity by 150 percent in five years.

The opening ceremony at the Busan New Port included traditional dance and congratulatory messages sent by representatives of sister ports in Shanghai, Osaka and Los Angeles.

The source of news : The Korea Herald,  2006.01.20