– Higher Interest in the Leasing of the Port Industrial Complex
– Recognition of the Need for the Early Development of Pyeongtaek Port and Port Industrial Complex

At 5:30 PM on September 25, Gyeonggi Province hosted a Pyeongtaek Port Domestic Investors Meeting. The meeting, which aimed to promote use of Pyeongtaek Port and increase traffic volume, was attended by over 300 participants from domestic and foreign shipping companies, logistics firms, and research organizations.

At the meeting, Governor Kim Moon-soo Soo said, “Pyeongtaek Port has limitless growth potential as a hub of trade with China considering it has the highest cargo volume growth in Korea and its favorable geopolitical location. It will certainly become the center of a new growth engine that will lead the future of Korea. CMA-CGM of France, the world’s third largest shipper, has now launched service at Pyeongtaek Port, as it can reduce its inland transportation cost by more than 50% compared to the Busan Port route. We are seeing requests for new service launches from a growing number of domestic and foreign logistics companies, as well as large shippers. In March 2010, we expect to write a new chapter in the history of the port when the Phase 1 construction of the Port Industrial Complex is completed. The complex will play a pivotal role in creating a considerable traffic volume.”

The meeting featured a presentation entitled “Pyeongtaek Port Development Plan and Operational Status” by Director Lee Byeong-joo of the Pyeongtaek Regional Maritime Affairs & Port Office, and another presentation entitled “Investment Conditions of Pyeongtaek Port Industrial Complex” by President Yang Byeong-gwan of the Gyeonggi Pyeongtaek Port Corporation. The presentations were followed by briefings given by businesses using the port and featured success stories and benefits of using and investing in Pyeongtaek Port; these were listened to attentively by the participating logistics businesses.

During the first session, Dole Korea, the Korean division of the world’s largest grocery firm, highlighted the business benefits of using Pyeongtaek Port, and expressed its hope that the port will provide excellent opportunities for many businesses. During the subsequent session, Daewoo Logistics, a marine cargo transportation business, listed many of the benefits of using Pyeongtaek Port and transportation at the free economic zone. The company gave detailed tips to the businesses in attendance that will prove useful when the port industrial complex is designated as a free trade zone.

Gyeonggi Province highlighted its diverse projects including its Development Plan for the Yellow Sea Free Economic Zone (Poseung and Hyangnam districts) as a port industrial complex, the construction of a marine center, a comprehensive support center providing port users with one-stop service, a Volume Incentive System for new service launches and attraction of more cargo, and the development of industrial port cities including Godeok International City. The province emphasized the need for early development of the port as well as the Phase 2 & 3 development of the port industrial complex, and urged participants to take greater interest in the development of Pyeongtaek Port.

Governor Kim Moon-soo offered his words of encouragement to CMA-CGM and SITC, which recently launched substantial container services to Europe and Southeast Asia via Pyeongtaek Port, the first such route in the Yellow Sea.

The Manager of the Train and Port Department of Gyeonggi Province announced, “This domestic investor meeting will stimulate the use of Pyeongtaek Port. The activation of the port will reinforce Korea’s international competitiveness, and stimulate the national economy.”