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Korea's Vision for the Port Industry | Attractive Investment Opportunities in Port Construction and Operation Businesses | South Korea - Shinsundae Container Terminal, Pusan

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Korea's Vision for the Port Industry

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Looking at the world map, the Republic of Korea is part of a small peninsula at a corner of the continent of Asia. But with the map turned upside down, the country is a marine giant with vast potential, capable of reaching out to the world from its front yard, the Pacific Ocean.

From a historical perspective, the 21st century will usher in a fourth wave of the ocean age, or ocean century. Aspiring to become a marine superpower in the New Ocean Age, Korea has designated 'modernization and expansion of port facilities' as one of the nation strategic projects.

In order to provide a framework for the establishment and implementation of an integrated and efficient marine policy that actively corresponds to the changes in the world marine environment, the Korean government launched the Ministry of Maritime Affairs and Fisheries on August 8, 1996.

Attractive Investment Opportunities in Port Construction and OperationBusinesses                                       

Ports are not only the core distribution arm of the Korean economy where 99.7% of all export and import cargo is handled, but also at the center of the logistics, waterfront industries, fisheries and international trade sectors. As such, the coastal axis, which centers on ports, is gaining attention as the new frontier of national land development.

For you reference, before going into the details of individual projects, geographical conditions of Korean ports and cargo traffic prospects should be mentioned. As you know, these two factors are vital pieces of information for the decision-making process in port investment.

Korea is located in the center of the world's trunk routes, including the North American route, the Southeast Asian route, the European route and so on. Also, ports in Korea possess more favorable conditions compared the competing ports of Kobe and Yokohama in handling transshipment cargo originating from China, Russia and Northwestern Japan. Considering its numerous geographical advantages, the Korean government plans to promote Korea as the logistics hub of Northeast Asia.

Total cargo traffic is expected to increase to 1.4 billion tons by the year 2011. Container cargo will also increase from the current 6.7 million TEU to 20.2 million TEU during the same period. However, at present, port facilities are capable of handling only 84% of the expected total cargo traffic volume, and container handling facilities('98) are only 80% sufficient. Based on the geographical conditions discussed earlier and cargo traffic prospects, Korean ports fully satisfy pre-conditions for investment.


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