[ Korea and China tied the knot on the establishment of subsidiaries

Korea and China tied the knot on the establishment of subsidiaries
in the Maritime meeting

Korean shipping conpanies can set up their wholly owned subsidiary com-
panies in China and vice versa, the Korea Maritime and Port Administra-
tion said.
At the second Korea-China Maritime Consultative Meeting which was held
in Seoul during June 29-30, the two sides agreed to the establishment
of up to three wholly owned subsidiaries in each other’s territory.
The agreement ensures Korean shipping companies’ free business activi-
ties like free inland haulage, free loading and discharging of cargoes
, a KMPA official said.
The Korean side has reaffirmed that they will allow Chinese shipping
companies, including China Ocean Shipping Co.,(COSCO), to call at Pusan
for their transshipment services , on condition that China will sur-
ely establish their subsidiary company in Korea, the official said.
The two countries have basicaly agreed to put eight more container ve-
ssels, four from each side, on the Korea-China liner routes, but they
failed to fix the actual time of commencement.
They have also agreed in principle to open new container trading routes
if necessary between Korea and China through their further consulta-
tions.
Both of them have also exchanged their opinions on the issue of cargo
and passanger services on the Korea-China routes.
On the opening of a cargo and passanger ship’s trading route between
Mokpo and Lianyungang, which was proposed by our government, the Chinese
have reacted that they will give their further consideration to this
issue and will advise its outcome through the appropriate diplomatic
channels in the near future.
They have also agreed to discuss about the China-proposed issues of ope-
ning two cargo and passenger ships trading routes linking Inchon and
Dangdong/ Yingkou at their next subsequent meeting.