It's on us. Share your news here.

DP World injects $50 million in Busan New Port expansion

Posted on March 20, 2024

DP World has announced a $50 million investment to build a new logistics hub at Busan New Port, China.

According to DP World, this investment intends to boost the port’s position as a logistics centre for Northeast Asia while also bolstering the worldwide status of the Busan-Jinhae Free Economic Zone (BJFEZ) in commerce and logistics.

Construction on the 75,000-square-metre site is scheduled to begin at the end of 2024, with operations likely to begin in the second quarter of 2026.

By 2028, the DP World Busan Logistics Centre (BLC) will be capable of handling almost 80,000 TEU of cargo per year while also providing local and regional clients with extensive value-added logistics services such as assembly, processing, and packaging.

Glen Hilton, CEO and Managing Director, Asia Pacific, DP World, said: “With this major investment, we 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.”

The BLC aims to concentrate on exporting completed automobiles, automotive components and materials, fishing equipment, machinery, and other essential Korean industry outputs, capitalising on South Korea’s manufacturing ability and the BJFEZ’s pivotal position in the country’s advanced manufacturing sector.

BJFEZ is reportedly South Korea’s third-largest free economic zone, with 700 million people residing within a 1,200-kilometre radius.

The economic zone, a gateway to Eurasia and the Pacific, is developing a mega ‘Logistics Tri-Port’ that will include sea, air and land ports such as Busan New Port, the upcoming Jinhae New Port, the new Gadeok International Airport, and the Busan New Port Goods Station, as well as rail connections to parts of Eurasia.

DP World already has a large presence in South Korea. Pusan Newport Company (PNC) runs the main terminal in the Port of Busan.

In 2020, the company bought a controlling share in UNICO Logistics, a Korean multimodal transport and rail expert with extensive operations in East Asia, Central Asia, and Russia.

As part of the $50 million investment, DP World will connect the new BLC’s operations with freight handling solutions from PNC and UNICO Logistics’ transcontinental rail freight services.

Recently, DP World inaugurated the latest in a string of more than 100 freight forwarding offices across the world.


It's on us. Share your news here.
Submit Your News Today

Join Our
Click to Subscribe