Supporting Feasibility Studies for Overseas Expansion of Shipping and Logistics Companies... Selecting 4 to 6 Locations per Project

January 25 - February 19 Contest
Hwaju - Logistics Companies Overseas Expansion Support Project Contest

[Asia Economy Reporter Moon Chaeseok] The Ministry of Oceans and Fisheries announced on the 24th that it will hold a public contest for this year's 'Feasibility Study Support Project for Overseas Expansion of Shipping and Logistics Companies' from the 25th until July 19th.

This project supports investigations in economic, technical, financial, and legal fields through domestic and international research institutions during companies' efforts to enter overseas logistics markets. It provides support for 50% of the feasibility study costs, up to a maximum of 80 million KRW.

The project is part of the 'Overseas Logistics Market Development Support Project' implemented by the Ministry of Oceans and Fisheries since 2011. Through this development support project, 53 investments have been successfully made.

The ministry will also conduct a public contest for the 'Support Project for Joint Overseas Expansion of Shippers and Logistics Companies.'

Shippers and logistics companies have formed consultative bodies to enable logistics companies to expand overseas based on the volume of the shipper companies, and this project supports joint consulting fees for these consultative bodies.

Selected consultative bodies will receive support for 50% of consulting fees, up to a maximum of 40 million KRW.

Park Young-ho, Director of the Port Logistics Planning Division at the Ministry of Oceans and Fisheries, said, "Although overseas investment conditions are challenging due to the novel coronavirus disease (COVID-19), this project will help discover new markets and expand international logistics networks, contributing to improving the shipping and logistics industry's structure."

The ministry plans to select and support 4 to 6 companies per project. After document screening and proposal evaluation by the selection committee, the final supported candidates will be announced next month.

Companies wishing to apply can download the forms from the International Logistics Information Portal and the Korea Maritime Institute website, complete the application and project proposal, and submit them along with supporting documents via visit, mail, or email.