Busan Port Authority and Panama Maritime Authority Sign MOU for Exchange and Cooperation

Strengthening Strategic Partnership Between Global Logistics Hubs

Busan Port Authority (BPA), led by President Song Sanggeun, signed a memorandum of understanding (MOU) with the Panama Maritime Authority (AMP) on September 10 at the Grand Mercure Ambassador Hotel in Seoul to strengthen exchange and cooperation.

MOU Signing Ceremony (Panama Foreign Minister Vasquez, second from left, and BPA President Song Sanggeun, third). Provided by BPA

This agreement is significant as it establishes a foundation for cooperation between Busan Port, the leading transshipment hub in Northeast Asia, and Panama, the world's largest ship registry nation, to build a sustainable maritime and port system.

The signing ceremony was attended by key figures, including Panama's Foreign Minister Javier Martinez-Acha Vasquez, the Minister of the Panama Canal Authority, and the Panamanian Ambassador to South Korea, among others.

The Panama Maritime Authority, established in 1998 as a government agency, oversees regulations and policies in the maritime and port sectors. Its functions include ship registration and inspection, maritime education, and port operation and regulation. In connection with the Panama Canal, it has elevated Panama's status as a global maritime hub and solidified its standing in the international shipping industry.

The MOU includes areas such as: ▲ building smart ports and digital transformation, ▲ developing eco-friendly and sustainable ports, and ▲ improving port operation efficiency and strengthening human resources. Through this, the two organizations plan to establish a strategic partnership for mutual cooperation and sustainable development.

BPA President Song Sanggeun stated, "Busan Port and Panama are both key hubs connecting global maritime logistics, and it is highly meaningful for the port authorities of each region to collaborate for sustainable development. I hope this agreement will further promote the exchange of technology, personnel, and information between our organizations and develop into a long-term, strategic partnership."

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