Pohang City Signs Multilateral MOU to Secure Northern Logistics Market Lead, Connecting Yeongilman Port with Russia
Collaboration with RusTrans Group and ICIE to Jointly Develop Optimal Logistics Routes for Arctic Shipping Commercialization
Expanding Communication Channels with Northern Logistics Companies and Broadening the Northern Logistics Base Centered on Pohang Yeongilman Port
On March 3, Pohang City signed a Memorandum of Understanding (MOU) for the establishment of a Northeast Asia maritime logistics hub at the conference room of Pohang Yeongil New Port Co., Ltd. (PICT), with participation from a total of six organizations, including Gyeongsangbuk-do Province, Pohang Yeongil New Port Co., Ltd. (PICT), Korwell Co., Ltd., RusTrans Group, and the International Congress of Industrialists and Entrepreneurs (ICIE).
The signing ceremony was attended by about 30 officials, including Kim Seongtae, CEO of Korwell Co., Ltd.; Evgeny Zhuravlev, Regional Director for Asia at RusTrans Group LLC; and Evgeny Rusetsky, Vice Chairman of ICIE. The participants agreed to work together to build a northern logistics network centered around Yeongilman Port.
On the 3rd, Pohang City signed a Memorandum of Understanding (MOU) for the development of a Northeast Asia maritime logistics hub at the conference room of Pohang Yeongil New Port Corporation (PICT). Photo by Pohang City
Through this agreement, the six organizations have agreed to cooperate closely in key areas for utilizing the northern logistics network: development of regular and irregular shipping routes between Yeongilman Port and Russian Far East ports; establishment of an international logistics system linked to the northern shipping route; joint development of ship repair and maintenance (MRO) and port service industries; and collaboration on projects related to new marine energy.
This agreement is significant in that it represents the outcome of a public-private partnership combining Pohang City's advanced research infrastructure and robust manufacturing base, the geographical advantages of Yeongilman Port, and Russia's local logistics networks and global connections.
As a result, Pohang will be able to take the lead as a gateway port in the era of the Arctic shipping route and establish a practical communication channel for advancing into the northern economic bloc.
In particular, Russia's RusTrans Group LLC, which participated in the agreement, is a shipping and logistics company specializing in operating regular container routes connecting the Russian Far East and major ports in China.
Pohang City plans to utilize RusTrans's local infrastructure to jointly develop optimal logistics routes in preparation for the commercialization of the Arctic shipping route and to lay the foundation for attracting substantial cargo volume through practical cooperation.
Furthermore, collaboration with ICIE, which leads industrial exchanges worldwide, is expected to help Pohang City's Arctic shipping route strategy gain credibility in the global market.
The city intends to attract companies seeking entry into the northern market through ICIE's vast network and to promote international cooperation across the entire marine industry.
Jang Sangkil, acting mayor of Pohang City, stated, "This agreement marks an important first step for Pohang to become a logistics hub in Northeast Asia," adding, "We will continue to communicate closely with the participating organizations to ensure that this partnership delivers tangible benefits for the activation of Yeongilman Port and the regional economy."
Meanwhile, Pohang City plans to form a working-level consultative body in the future to operate an on-site communication channel and to establish a concrete implementation roadmap, aiming to position itself as a key logistics hub in the northern shipping market in the era of the Arctic shipping route.
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