Busan Port Authority to help Korean businesses entering overseas markets

Busan Port Authority to help companies overseas

The Busan Port Authority (BPA) said it has signed a memorandum of understanding (MoU) with the Korea International Freight Forwarders Association (KIFFA) to help domestic logistics companies enter overseas markets.

Both parties will provide information regarding the BPA’s overseas logistics centre to the participating companies and help them utilise information when operating abroad, such as trade and customs information.

BPA CEO Nam Ki-chan said, “We will cooperate more closely with KIFFA so that the logistics center projects in the Netherlands, Spain, and Indonesia can serve as priming water and help strengthen the logistics competitiveness of the domestics companies.”

KIFFA has approximately 600 member companies and is a major organization in the international freight forwarding industry. It has been conducting surveys on current status of global logistics industry and giving policy suggestions, all to strengthen the competitiveness of the logistics industry.

The MoU is the latest effort made by the BPA to help Korea-based companies succeed abroad. In July 2020 it signed another MoU with the Busan Chamber of Commerce and Industry to support small and medium sized enterprises (SMEs) looking to enter overseas markets.

The initiative to help domestic business abroad has been accelerated by the restrictions brought about by the COVID-19 pandemic, which has prevented travel and made it harder to trade overseas.

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