"The answer lies in Singapore."
The Busan-Jinhae Free Economic Zone Authority (BJFEZ), led by Director Park Seongho, recently visited Singapore to find solutions to enhance the competitiveness of Northeast Asia's logistics hub.
Director Park Seongho and the BJFEZ delegation visited Singapore starting from June 29, conducting on-site inspections related to the "BJFEZ 2040 Development Plan" and the restructuring of strategic industries. The purpose of this visit was to secure practical implementation models by directly exploring global logistics hubs and to redesign BJFEZ's position as a logistics center in Northeast Asia.
Based on annual global container throughput, Shanghai Port (50 million TEU) and Singapore Port (40 million TEU) rank first and second, respectively. Busan Port ranks seventh with 24.4 million TEU. BJFEZ aims to narrow this gap and strengthen its logistics competitiveness by finding solutions directly on-site.
The first stop of the visit was PSA Singapore Terminal. PSA is the world's largest port operator and currently operates a terminal at Busan New Port as well. As a strategic partner of BJFEZ, PSA introduced its smart terminal and eco-friendly logistics operation system to the BJFEZ delegation. Terence Lee Kim Puay, CFO of PSA Northeast Asia, said, "As a partner, I will soon visit the Busan-Jinhae Free Economic Zone to strengthen our relationship."
The delegation also visited the Hyundai Motor Group Innovation Center Singapore (HMGICS) to experience an autonomous driving-based smart logistics system and a customer-tailored production system. This visit was linked to BJFEZ's strategy to attract smart mobility and integrated logistics industries.
Global cooperation in the bio industry continued as well. During their visit to the headquarters of Prestige Biopharma, the BJFEZ delegation toured the research facilities and discussed ways to expand cooperation between the R&D Center (IDC) in the Myeongji District and Prestige Biopharma with Vice Chairman Kim Jinwoo.
In addition, BJFEZ discussed cooperation with Enterprise Singapore, the Singaporean enterprise support agency, to attract renewable energy companies; with global financial group UOB, they discussed financial support measures for Southeast Asian companies entering BJFEZ; and with KOTRA Singapore, they discussed building a strategic collaboration network, including investment promotion delegations.
Director Park stated, "Change has already begun, and if we do not design it, someone else will take the initiative," adding, "This journey was a process of asking urgent questions to overcome crises and design a new future."
Through this visit, BJFEZ confirmed the current state of Singapore in four key strategic industries?integrated logistics, smart mobility, advanced materials and components, and bio-healthcare?and plans to incorporate practical solutions and driving forces into the future 'BJFEZ 2040 Vision.'
Director Park Seongho (center right) and his party are visiting Singapore to explore future solutions for BJFEZ and are engaging in discussions with local officials.
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