The Busan Port Authority (BPA) and global container terminal operator PSA International signed a memorandum of understanding Friday designed to stoke cooperation towards a long-term strategic partnership between the two organizations.
BPA and PSA said they’ll seek to find opportunities to work more closely to realize mutual benefits in South Korea's Port of Busan. PSA currently operates Pusan Newport International Terminal (PNIT), a joint venture between PSA and Hanjin Transportation Corp., in Busan New Port.
The MOU, signed by BPA President Lim Ki Tack and PSA Group Chief Executive Officer Tan Chong Meng “will strengthen the bilateral exchange of information and ideas in port development, management and operations,” the organizations said.
PSA, one of the world’s largest terminal operators, will contribute its vast experience and expertise from managing and developing port projects in Asia, Europe and the Americas toward the partnership.
Lim said he believed the agreement would not only contribute to economic growth between the ports of Busan and Singapore, but also between South Korea and Singapore. - Eric Johnson