Busan Jinhae Free Economic Zone Authority Attracts 10 Billion KRW Investment from Global Logistics Joint Venture

Allcargo ULS Terminal Signs 10 Billion KRW Investment Agreement
with Gyeongnam Province and Busan-Jinhae Free Economic Zone Authority
to Build Integrated Logistics Center in Ungdong Hinterland Complex

The Busan-Jinhae Free Economic Zone Authority (Commissioner Park Sungho) signed a 10 billion KRW investment agreement (MOU) with Gyeongnam Province and Allcargo ULS Terminal Co., Ltd. at the Gyeongnam Provincial Government office on the 10th.

Key figures including Gyeongnam Governor Park Wansu, Busan-Jinhae Free Economic Zone Authority Commissioner Park Sungho, and Allcargo ULS Terminal CEO Lee Hyunho attended the signing ceremony. The parties agreed to actively cooperate for the smooth implementation of the investment, revitalization of the local economy, and the creation of quality jobs to promote mutual benefits.

Allcargo ULS Terminal is a joint venture established through the collaboration of global logistics companies Allcargo, ECU Worldwide, and Korea's ULS.

Busanjin-Hae Economic Free Zone Authority, Gyeongnam Province, and Allcargo UL Terminal Co., Ltd. are signing an investment agreement worth 10 billion KRW.

Through this investment agreement, new facilities will be built on a 34,774-square-meter (10,537-pyeong) site in the Ungdong hinterland complex of the Busan-Jinhae Free Economic Zone. Including the existing 19 billion KRW investment, a total of 29 billion KRW will be invested to establish a global integrated logistics center, which is expected to create around 50 new jobs.

Allcargo, a global integrated logistics company headquartered in Mumbai, India, has been leading the global LCL (Less than Container Load) logistics market since acquiring ECU Worldwide in 2006. ECU Worldwide currently operates over 300 branches in 85 countries, expanding its global integrated logistics network.

This agreement is regarded as a significant strategic investment to develop Busan New Port into a global logistics hub in Northeast Asia. Allcargo ULS Terminal has also announced plans for additional investment to relocate its major logistics hub in Asia to Busan New Port, signaling a further strengthening of global logistics competitiveness.

Lee Hyunho, CEO of Allcargo ULS Terminal, emphasized, "Busan New Port has an optimal location as a major logistics hub in Asia. This investment will further enhance the competitiveness of the logistics market not only in Korea but also across Northeast Asia."

This investment agreement was achieved through close cooperation among the organizations. Since last year, the Free Economic Zone Authority has actively utilized its network with overseas logistics companies to persuade the Allcargo Group and effectively promote the strengths of Busan New Port.

In addition, Gyeongnam Province and KOTRA have continued discussions with Allcargo ULS Terminal, and in February this year, a key executive from India's Allcargo Group visited the site.

Commissioner Park Sungho stated, "Signing an investment MOU with a world-class Indian group once again proves the global logistics competitiveness of the Busan-Jinhae Free Economic Zone and Busan New Port. We will provide the best investment environment and continuous support to ensure that companies can successfully settle and grow."

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