Busan Port Authority President Kang Jun-seok (left) and Hanse Industrial Co., Ltd. CEO Kim Ik-hwan are signing a letter of intent and taking a commemorative photo.
[Asia Economy Yeongnam Reporting Headquarters, Trainee Reporter Hwang Du-yeol] Busan Port Authority (BPA) signed a letter of intent with Hansae Co., Ltd. at its headquarters in Jungang-dong on the 15th.
The letter of intent was signed to jointly promote a new logistics business in the LA-LB region on the west coast of the United States. Hansae Co., Ltd. CEO Kim Ik-hwan attended the signing ceremony.
The United States, the second largest trading partner with Korea, is the world's largest consumer market, making it a high-demand area for logistics facilities due to active entry by domestic and foreign export and logistics companies.
The two companies plan to discuss business plans such as market research to secure a new logistics platform in the LA-LB port hinterland area and support for domestic small and medium-sized export companies entering the US market.
The LA-LB ports on the west coast of the United States, a gateway for trade with Asia, handle more than one-quarter of the cargo entering the US, making them major ports.
The ports have rail and truck transportation capabilities throughout the United States, securing an important position for exports to the US.
Recently, the LA-LB region on the US west coast experienced port congestion due to the pandemic, causing supply chain disruptions.
Due to these disruptions, domestic export companies and Korean companies operating local factories in the US are facing difficulties in timely supply of products and parts.
The authority stated, “To resolve these difficulties, the need for safe inventory storage at local logistics centers is increasing.”
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