Hoping to become a logistics hub of Northeast Asia, South Korea plans to modernize its port facilities.
"The plan is designed to promote a profitable logistics industry, a turnaround from simply competing with Japan and China for bigger amounts of cargo in Northeast Asia," said Woo Ye-jong, a senior official at the Ministry of Maritime Affairs & Fisheries.
Improvements include an automated operation system, enhancing security standards and lifting a ban on nighttime operations according to an June 8 report on Asia Time's website.
To spur Chinese and Japanese investments in the domestic logistics industry, the government will move to ease regulations on hiring foreign stevedores and to complete clearing sites for cargo terminals in the ports of Busan and Gwangyang ahead of schedule according to the report.
In an effort to attract more companies, including international companies, to do business in South Korea the government will create a system for financial aid for mergers and acquisitions.
Interested in information related to this topic? Subscribe to our weekly Value-chain eNewsletter.
