Busan Port Authority to elevate the New Southern Policy for ASEAN ports
BPA is strongly pushing forward its ‘New Southern Policy’ to dramatically improve cooperative ties with ASEAN ports, the company said in its press release.
The New Southern Policy is the President Moon’s goal to accelerate Korea’s relationship with the Association of South-East Asian Nations (ASEAN) to the level of its relations with the four major powers around the Korean Peninsula.
BPA is taking preemptive actions to comply with the government’s new policy.
The main business targets in the port logistics area are four nations including Vietnam, Indonesia, Thailand, and India.
The policy consists of three phased; the first phase aims to secure local logistics network base through investment in small scale business to minimize the investment risks.
BPA plans to invest in Off Dock Container Yard (ODCY) and Inland Container Depot (ICD).
The second phase will concentrate on expanding business scale based on the local logistics network. To this end, BPA will support logistics competitiveness of Korean shipping companies and companies.
BPA will pursue business areas’ expansion by undertaking terminal shares and securing operation knowhow.
The third phase will focus on participating in the local infrastructure business at the 4 nations’ hub ports to engage in Korean-type global terminal operation.
In this regard, BPA will engage in the port and terminal development projects and will complete its own comprehensive logistics business system.
BPA will approach with customized strategies for each nation; BPA will focus on cruise and ship repair business with India, seek local logistics business opportunity with Vietnam, acquire terminal and logistics storage shares with Thailand to establish Indochina border logistics hub, set up CY business in Jakarta, Indonesia.