BPA signing on LOI with Ports Authority in South Africa

Gap-Sook Lee, the president of Busan Port Authority(BPA) and Mr. Khomotso Phihlela, CEO of National Ports Authority(NPA) in South Africa signed an Letter of Intent(LOI) to promote cooperation and exchange between the ports of Busan and Durban in the Republic of South Africa on Mar 26.

The Port of Busan and the Port of Durban agreed to cooperate in the fields of port development, operation and port environment while facilitating information exchanges on maritime policies and measures to promote relevant industries.

South Africa is the economic powerhouse in Africa accounting for 30 percent of the total African economy and 50 percent of those of Sub-Sahara. The country has the largest potential as the logistics power in the continent.

BPA is positively considering foreign port investment in Bungtau Port, Vietnam and ports of Vladivostok and Vostochny in Russia. On top of that, BPA said it will review its investment in the ports of South Africa.