BPA Signs Implementation Agreement with Tenants of New Port West 'Con' Phase 1 Port Hinterland Complex

LX Pantos Shinhang Eco Logistics and DP World Busan Logistics Center, Total Investment of 157 Billion KRW Planned

Busan Port Authority (BPA, President Kang Jun-seok) signed an implementation agreement on the 15th with LX Pantos Shinhang Eco Logistics Center and DP World Busan Logistics Center, which were selected as the preferred negotiation candidates for tenant companies in the West 'Con' Phase 1 port hinterland complex of Busan New Port in December last year.

Secondary Back Area (Photographed in October 2022).

Since being selected as the preferred negotiation candidates, BPA and the two companies have negotiated the contents of the implementation agreement through three rounds of working-level talks.

In particular, the West 'Con' Phase 1 hinterland complex is the largest single area since the supply of port hinterland complexes at Busan New Port. The two companies plan to establish a Northeast Asia logistics business hub linked with Busan Port, and once full-scale operations begin, a significant volume of cargo and job creation are expected.

The LX Pantos Shinhang Eco Logistics Center, a consortium formed by LX Pantos Busan New Port Logistics Center and LG Electronics, will operate 125,720㎡ (38,000 pyeong) within the West 'Con' Phase 1 hinterland complex, with a total investment of approximately 100 billion KRW.

DP World Busan Logistics Center, fully funded by the global port operator DP World Logistics FZE, will operate a logistics center on 74,568㎡ (22,000 pyeong) with an investment of about 66.7 billion KRW.

Hong Seong-jun, Head of Operations at BPA, said, “We will do our best to provide administrative support so that the companies signing the implementation agreement this time can promptly build and smoothly operate logistics centers to enhance the competitiveness of Busan Port and revitalize the local economy.”

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