The DP World Busan logistics center will reinforce the Busan-Jinhae free economic zone's ambitions to become a hub for international trade and logistics.

Busan, South Korea, March 15, 2024: DP World has announced a US$50 million (approx. ¥66 billion) investment to develop a new logistics center in the new Busan Port, strengthening the port's position as a logistics hub for Northeast Asia and enhancing the global influence. status of the Busan-Jinhae Free Economic Zone (BJFEZ) in business and logistics.

Construction of the facility on the 75,000 m² site is scheduled to begin in late 2024, with operations scheduled to start by the second quarter of 2026. The DP World Busan Logistics Center (BLC) will have the capacity to handle nearly 80,000 TEU of freight. per year by 2028, and offer comprehensive value-added logistics services such as assembly, processing and packaging to local and regional customers.

Glen Hilton, DP World's CEO and Managing Director for Asia Pacific, said: "With this major investment, DP World will be able to combine our strong freight handling and multimodal capabilities with new warehousing and logistics solutions to offer customers in South Korea a more seamless end-to-end supply chain offering.

The DP World Busan logistics center will consolidate the new port of Busan's position as a key supply chain hub for the Asia-Pacific region, enabling local and international companies to seize growing opportunities in intra-Asian trade.

Capitalizing on South Korea's manufacturing prowess and the BJFEZ's central position in the country's advanced manufacturing sector, the BLC plans to specialize in exports of completed automobiles, automotive parts and materials, fishing equipment, machinery and other key products of Korean industry.

BJFEZ is the third largest free economic zone in South Korea, with 700 million people living within a radius of 1,200 km. A gateway to Eurasia and the Pacific, the economic zone is developing a mega "logistics tri-port", which will cover sea, air and land ports, including the new port of Busan, the forthcoming new port of Jinhae, the forthcoming Gadeok International Airport and the port of Busan. New port freight terminal with rail links to parts of Eurasia.

Integration of a new logistics center into DP World's South Korean operations

DP World already has a strong presence in South Korea. Through its subsidiary Pusan Newport Company (PNC), it operates the largest terminal in the port of Busan, the second busiest transshipment port in the world and one of the most efficient ports in Asia.In 2020, DP World also acquired a majority stake in UNICO Logistics, a Korean multimodal and rail transport specialist with a broad presence in East Asia, Central Asia and Russia.

As part of the US$50 million investment, DP World will integrate the new LBC's operations with PNC's freight handling solutions and UNICO Logistics' transcontinental rail freight services.

Beyond its commercial activities, DP World also engages local communities by organizing groundbreaking sporting events. Later this year, the DP World Tour will make a stop in South Korea as part of efforts to cultivate a love of golf among the country's growing fan base.

DP World