Busan is good

Korea shooting to become logistics hub in Northeast Asia

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Korea plans to modernize its port facilities and streamline their operations in an effort to attract more foreign shipping lines and become a logistics hub for Northeast Asia, officials said Wednesday (June 7).

"The plan is designed to promote a profitable logistics industry, a turnaround from simply competing with Japan and China for bigger amounts of cargo in Northeast Asia," said Woo Ye-jong, a senior official at the Ministry of Maritime Affairs & Fisheries.

Under the plan, the government will revamp ports' infrastructure by setting up an automated operation system, enhancing security standards and lifting a ban on nighttime operations.

To spur Chinese and Japanese investments in the domestic logistics industry, the government will move to ease regulations on hiring foreign stevedores and to complete clearing sites for cargo terminals in the ports of Busan and Gwangyang ahead of schedule.

The government will also establish a system on financial aid for mergers and acquisitions among local port operators and try to nurture internationally-renowned logistics firms like Hong Kong's Hutchison Whampoa Ltd. and the Middle East's Dubai Ports World.

Efforts will also be made to hold ministerial-level talks on logistics among Republic of Korea​, Japan and China regularly to boost cooperation among the countries. The first round is slated for September this year. 

The ministry said the government will also seek the participation of Russia and the Association of Southeast Asian Nations.

 

The source of news : Korea.net   June 08, 2006