DP World has announced a US$50 million investment to develop a new logistics centre in South Korea’s Busan New Port.
The construction works on the 75,000m² land are expected to commence at the end of 2024, with operations anticipated to start by the second quarter of 2026.
The DP World Busan Logistics Centre (BLC) will have the capacity to process nearly 80,000 TEUs of cargo per year by 2028 and offer comprehensive value-added logistics services such as assembly, processing, and packaging to local and regional customers.
Glen Hilton, CEO and Managing Director in Asia Pacific at DP World, commented, “With this major investment, DP World will be able to combine our strong freight handling and multimodal transportation capabilities with new warehousing and logistics solutions to provide customers in South Korea a more seamless end-to-end supply chain offering. The DP World Busan Logistics Centre will cement Busan New Port’s position as a key supply chain hub for Asia Pacific, and thus empower local and international businesses to seize the expanding opportunity in intra-Asia trade.”
According to DP World’s announcement, the BLC plans to specialise in exports of completed automobiles, automotive parts and materials, fishery equipment, machinery and other key Korean industry outputs.
Through the investment, DP World is also aiming to bolster the status of the Busan-Jinhae Free Economic Zone (BJFEZ) in commerce and logistics worldwide. BJFEZ is the third-largest free economic zone in South Korea, with 700 million people living within a 1,200km radius. A gateway to Eurasia and the Pacific, the economic zone is developing a mega ‘Logistics Tri-Port’, which will span sea, air and land ports including Busan New Port, the forthcoming Jinhae New Port, the forthcoming Gadeok International Airport and the Busan New Port Freight Station with rail connections to parts of Eurasia.
As part of the US$50 million investment, DP World will integrate operations of the new BLC with freight handling solutions from Pusan Newport Company (PNC) and UNICO Logistics’ transcontinental rail freight services.
