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Busan Port strengthens relations with neighbouring ports

Seoul: The Busan Port Authority has signed the first in a series of memorandum of understandings with Dalian Port for co-development and co-prosperity as well as to exchange port-related information and human resources.

The authority has said that it will also sign MOU with Niigata Port in Japan in April. This agreement aims to attract increased US bound cargo from Niigata by expanding container services, shortening transportation time, reducing transportation costs, and improving services for customers.

Additionally, the BPA is to help establish a Korea-Russia Joint Venture with domestic logistics companies in May, 2008 and construct four container berths able to accommodate 20,000 tons of container vessels and one multi-purpose berth by the end of 2009. It further plans to set out concrete investment plans to develop a fishery terminal at Nakhodka port into container terminal in April in order to secure logistics base targeting Far East Russia. BPA believes that Nakhodka port is emerging as Russia's new economic engine based on sufficient natural resources at Far East Russia. Cargo volumes between Busan Port and Nakhodka Port for the last 3 years has increased by more than 30%.

The authority also has pursued 'Hunchun-Zarubino Logistics Project' to secure CFS at Hunchun in China and two container berths at Zarubino Port in Russia by August, 2008.

The port hopes that closer cooperation with neighboring ports in China, Japan, and Russia will help make Busan Port a hub for seaborne trade in Northeast Asia.  [28/03/08]

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