Busan Eyes Global Expansion
In a bid to help define the future for the South Korean Port of Busan, the Busan Port Authority (BPA) is planning to invest in overseas port and logistics facilities, which will take place on the back of global market analysis on the part of the BPA, according to IHS Fairplay.
Woo Ye Jong, CEO of the BPA, said: “BPA is beginning to make efforts towards fortifying the foundation of overseas business in the long term.
“We want to pass on our know-how in the operation and development of Busan Port to developing countries that need port infrastructure for their economic growth.
“There is no doubt that China’s slowdown has negative effects on the global shipping market as well as the world economy.”
Ye Jong concluded: “We seek to hedge against the downturn in container throughput of Busan Port, which is driven by import and export between Korea and China, by attracting more transhipment containers and so offset the predicted decrease in trade cargo with China.”