Korea/Japan port complex investment meeting held

July 9, an investment presentation meeting on Korea ports and logistics complexes was held for Japanese trading houses and transport companies in Japan. MOMAF (Ministry of Maritime Affaires & Fisheries) sponsored this seminar along with Pusan City, South Cheolla Province and South Kyeongsang Province. The seminar was also supported by JETRO and the Japan Chamber of Commerce and Industry.

At the event, about 200 Japanese firms including Mitsubishi and 300 people from logistics companies attended. The participants exchanged views about Japanese logistics companies interest in investment in Pusan Port and Gwangyang Port logistic complexes to help resolve issues for their domestic logistics systems.

MOMAF has researched how to attract multinational logistic companies from April to September last year. According to the results, Japan has the highest investment potential for Korean ports.
To this, MOMAF held an investment presentation meeting in Fukuoka in April this year. In June, it supported a northeast Asia logistics forum sponsored by a Japanese newspaper for public relations at Korea ports.

A insider at MOMAF said, “Domestic PR for Korean ports and logistics complexes is still in the first phases,” and added, “We decided to hold a presentation in Japan with minister Chang Seung Woo accompanied by representatives.”

Minister Chang said in the keynote address at the meeting, “We must intend to become a central logistic country for FTA between Korea and Japan and foster an East Asia economic union,” and added, “We expect that China will be a manufacturing base, and Japan will be a capital and central technical country for Korea”.

Also, he announced a large-scale facility expansion, logistics complex construction and plans for various incentives for investors in Pusan New Port and Gwangyang Port. With this, he stressed that Korean logistics complexes can greatly help Japanese companies cut down on costs.

Meanwhile, the chairman of the Korea Federation of Port and Transport Workers Union, Choi Bong Hong, and vice president of KOPLA (Korea Port and Logistics Association), Lee Gwang Ro, attended the meeting. They explained the cooperative relationship of Korean labor and management to Japanese companies to help put aside negative feelings.

MOMAF announced that many Japanese companies would join in entering at Gamcheon Port logistics complex August 11. MOMAF also expects that Japanese companies would participate in the Pusan New Port and Gwangyang Port logistics complexes.
Right before the meeting, an agreement ceremony was held between the KCTA (Korea Container Terminal Authority) and Simonoseki City for investment promotion between Gwangyang Port and Simonoseki Port.

The agreement mainly is to establish a council for logistics efficiency and attract investment for Gwangyang Port.

The agreement tightened relations between Korea and Japan beyond simple investment attraction because a local self-governing Japanese body itself promised investment in Korea.