BUSAN < invest Korea

With U.S. logistics firms showing great interest in investing in a port logistics complex in Busan, the Busan Port Authority (BPA) held a briefing session on the complex in Los Angeles on March 14. Thirty representatives from American logistics firms attended.

The session provided general information on harbors in Busan and the size, location, and present conditions of the complex.

“Those who invest in the port logistics complex in Busan can receive various tax benefits and can increase added values through assembling, packaging, storing, and labeling. They can also reduce distribution costs and gain remarkable business benefits through the geographical aspect of Busan’s harbors, superb port infrastructure, and outstanding feeder networks,” said CEO Lim Ki-tack at the session.

LA-based logistics companies that joined the session showed great interest in the complex.

A multinational logistics company with USD 100 billion in annual sales requested contract terms and a bidding schedule. Later, the firm made additional inquiries to BPA and completed a basic investigation about the complex through its Korean branch.

An American logistics firm also requested a visit by BPA and investment-related information.

With the Korea-U.S. FTA having led to an increase in international trade volume, other American companies revealed their interest in operating and developing the complex as well and began collecting investment information about it.

“We will develop a detailed strategy focusing on foreign logistics firms, which showed high interest in the complex, and will strengthen marketing to attract investment from them,” Lim said.

Source: Yonhap News (Mar. 15, 2013)

** This article was translated from the Korean.