Chinese Investment Flows into Busan New Port Hinterland... Korea-China Joint Logistics Center to Be Built in Phase 2 of Ungdong Complex

Taewoong Logistics Participates in Joint Venture’s $38 Million Investment

New Logistics Center on 34,949㎡ Site by 2028

A Korea-China joint logistics center will be established in the Ungdong Hinterland Complex of Changwon, adjacent to Busan New Port. As Taewoong Logistics, which already operates a logistics center in the first phase, expands its investment into the second phase, the development of hinterland logistics facilities at the port is expected to accelerate.

The Gyeongsangnam-do Provincial Government and Busan-Jinhae Free Economic Zone Authority announced on September 18 that they signed a 38 million dollar investment agreement in Shanghai, China, with a Korea-China joint venture to be established with participation from Taewoong Logistics.

The joint venture will invest 38 million dollars by 2028 in a 34,949㎡ plot inside the Busan-Jinhae Free Economic Zone, Jinhae-gu, Changwon.

Sung-Ho Park (center), Administrator, is attending the investment agreement signing ceremony for advanced manufacturing and smart logistics companies held in Shanghai, China, and is taking a commemorative photo with the relevant parties.

A new logistics center will be built in phase two of the Ungdong Hinterland Complex. The business will also incorporate a tank container-related venture. These moves respond to the growing container throughput and rising demand for integrated logistics services.

Taewoong Logistics is a leading mid-sized domestic logistics provider delivering comprehensive logistics solutions. It is already operating a logistics center in phase one of the Ungdong Hinterland Complex.

This investment is significant in that it expands operations from the existing site to the phase two area as well. The company intends to reinforce its integrated logistics capabilities and broaden its business base using Busan New Port as a foundation.

With the addition of new logistics facilities in phase two of the Ungdong Hinterland Complex, the port-related logistics infrastructure within the Busan-Jinhae Free Economic Zone is also expected to further expand.

The Free Economic Zone Authority held follow-up business consultations with the joint venture after the investment agreement. Discussions were held regarding administrative procedures and support measures, such as permits and approvals necessary for investment implementation. The Authority plans to cooperate with relevant agencies to ensure that the investment is realized.

Park Sungho, Commissioner of the Busan-Jinhae Free Economic Zone Authority, explained, "This is an example of Korean and Chinese logistics companies creating a new business base in the Busan-Jinhae Free Economic Zone through a Korea-China joint venture."

Commissioner Park added, "This will serve as an opportunity to increase our presence in the global market, with Busan New Port at the center."

This content was produced with the assistance of AI translation services.