The South Korean Ministry of Oceans and Fisheries has recently signed a Memorandum of Understanding with Daewoo International Corporation for developing ports overseas, according to IHS Maritime 360.
PTI previously reported that the MOF had elected Woo Ye-jong as the new President of the Busan Port Authority, which is happening at a crucial time during the port’s development.
Park Joon-kwon, Commissioner for Ports at the MOF, said: “The signing of this MoU signifies that public-private partnerships in overseas port developments will be increasingly resilient.”
The ministry will be exploring and carrying out development for ports overseas, as well as providing the necessary port intelligence for operations.
As a nation, South Korea is more commonly known for its shipbuilding capabilities, where Hyundai Heavy Industries top the global shipbuilding rankings.