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Kotra holds business roundtable with global logistics firms

March 23, 2023 - 15:48 By Song Seung-hyun
A Global Logistics Investors Roundtable event is held at the Westin Josun Seoul on Thursday. (Kotra)

The state-run trade promotion agency, Kotra, held a Global Logistics Investors Roundtable event to boost global logistics firms’ investments in Korea, and especially Busan, at the Westin Josun Seoul on Thursday.

The event was organized jointly with the Busan Port Authority and the Busan-Jinhae Free Economic Zone Authority.

Nine global companies, including German logistics firms DHL Supply Chain and DB Schenker, Japan's Nippon Express and Danish shipping giant AP Moller-Maersk, attended the event.

"We organized this meeting to find out about the recent trends of global logistics companies that are expanding their business in Korea and to create investment momentum," Kim Tae-hyung, CEO of Invest Korea, the investment promotion unit under Kotra, said.

"We will make efforts to attract leading global companies so that Korea can become a Northeast Asian logistics hub centered around Busan," he continued.

According to Kotra, the global logistics companies showed special interest in Busan New Port’s two sites, which are scheduled to be put up for bidding this year, as well as the integrated transportation system at the new airport on Gadeok Island, the biggest island of Busan.

During the meeting, an official from the Korea Maritime Institute presented a plan to develop the Northeast Asia Logistics Hub, and a Busan Port Authority official shared information about investment opportunities in Busan Port. The Busan-Jinhae Free Economic Zone Authority further elaborated on investment incentives and support measures.

Currently, the Port of Busan -- including the New Port -- has the 7th-largest container handling capacity in the world. As of this year, it operates 26 berths and plans to expand to 60 berths by 2040.

Meanwhile, Kotra also requested support from the global logistics companies in the hosting of the 2030 World Expo. The vote for the 2030 Expo's host country, organized by the Bureau International des Expositions, is set to take place in November.