Pohang City Explores Strategies for Yeongilman Port’s Response to the Arctic Sea Route at the Eastern Economic Forum in Russia

Seeking Strategies to Specialize as a Key Hub for the Arctic Sea Route
Yeongilman Port’s Response to the Opening of the Arctic Sea Route

Pohang City attended the 10th Eastern Economic Forum (EEF), held in Vladivostok, Russia, from September 3 to 6, where it explored strategies for Yeongilman Port’s response to the opening of the Arctic Sea Route and ways to revitalize the cruise industry.

Pohang City attended the 10th Eastern Economic Forum held in Vladivostok, Russia, from the 3rd to the 6th. Photo by Pohang City

The Eastern Economic Forum is a large-scale international forum that has been held annually at Far Eastern Federal University since 2015, under the initiative of the Russian president, to promote the development of the Far East and strengthen cooperation with Asian countries.

This year’s event saw participation from major Asian countries, including China, Japan, and India, with Consul General Ha Byungkyu representing South Korea.

Pohang City participated in the forum to gain insights into the latest global trends regarding the Arctic Sea Route, which has been included in the government’s 123 key national tasks as “Building a Leading K-Maritime Power in the Era of the Arctic Sea Route,” and to help restore the northern economic network that had been severed due to the Russia-Ukraine war.

The most prominent topic at this year’s forum was, without a doubt, the Arctic Sea Route. In particular, Russian President Vladimir Putin officially announced a plan to expand the Arctic Sea Route transport network connecting the Arctic and the Far East during the plenary session on September 5. As a result, the development of the Transarctic Transport Corridor logistics network, driven by the accelerating melting of Arctic ice, is expected to gain further momentum.

At the forum, Pohang City met with representatives from Rosatom, a developer of Arctic Sea Route cargo projects; NewNew Shipping Line, a Chinese shipping company utilizing the Arctic Sea Route; the Industrial and Entrepreneurial Union of Murmansk, a world-renowned Arctic port city; and experts from the Russian Gas Union. They shared policies and current conditions regarding the operation of the Arctic Sea Route and exchanged views on response strategies for Yeongilman Port.

In an interview with Russian news agency Sputnik, Pohang City also introduced its major industries and port, and shared its strategic preparations for Yeongilman Port and plans for expanding its international network in anticipation of the Arctic Sea Route era.

Cheon Manseok, Head of the Port Division at Pohang City, stated, “Through participation in this Eastern Economic Forum, we were able to find answers regarding the strategies Yeongilman Port should prioritize for the Arctic Sea Route. We will actively respond to the Arctic Sea Route era by building close networks with related organizations and companies.”

Pohang City also took the initiative to strengthen northern economic cooperation and lead Yeongilman Port into the northern economic era, with Mayor Lee Kangdeok personally attending the Eastern Economic Forum in both 2018 and 2019.