Hyundai Logistics to strengthen North Korea business

Hyundai Logistics Co., Ltd CEO, Kim, Byung Hun, said May 9th, "We plan to strengthen our logistic business in North Korea to prepare for when the Gae-Sung Industrial Complex and SOC Business in North Korea are regularized."
He added, "Hyundai Logistics started its logistic business with North Korea after the South-North Korea Summit Talk. We have been profitable transporting heavy equipment to link the two Koreas' railroads, materials for the Gae-Sung industrial complex and for the Geumgang mountain special district. Total sales have reached 20 billion won annually."
The CEO voiced his intentions to expand the business into China and to enlarge their market share in Korea.
He said, "We plan to advance overseas and grow as a new power," and continued, "we have already established a bridgehead in Shanghai and in the long term, we intend to establish branches in major logistics locations like Qindao, Tianjin, and Shenzen. We will also develop as an integrated logistic company and third party logistics provider, with land transportation, and clearance for sea, air, and freight forwarding."
He also said, "Through strengthening our infrastructure and IT equipment, we plan to expand our market share in Korea to 25% from 14% by 2010."
He explains that for that purpose he is designing to establish the biggest size hub terminal besides the operating 14 terminals. As a first step, he plans to establish Dae-Jeon hub terminal completed on August 2005.