KITA News and Reports
  • KITA and Northern Economy Cooperation Committee held ‘The Northern Logistics Network Vitalization Po
    2018-07-23

    KITA and Northern Economy Cooperation Committee held ‘The Northern Logistics Network Vitalization Policy Forum’

     

    - Logistics transportation network to link Korean peninsula, China, Russia and Europe will revitalize Korea’s Economy -

     

    The Korean International Trade Association (Chairman, Kim Young-joo) held ‘The Northern Logistics Network Vitalization Policy Forum’ for job creation and innovative growth at the COEX in Samseong-dong on July 19 in cooperation with Rep. Song Young-gil of the Democratic Party and the head of Northern Economy Cooperation Committee.

     

    The northern logistics network refers to a grand logistics transport route that would connect the Trans-Korean Railway with railways across China, Mongolia and Siberia as well as northern sea routes. The network would enable goods from Korea to be delivered directly to Europe by both land and sea.

     

    KITA’s Chairman Kim Young-joo said, Once the northern logistics network becomes a reality, Korea will be connected to the economies in Eurasia, and this will help Korea secure various export routes and even promote reconciliation between the two Koreas. He further added, We expect that the active businesses on the northern logistics network would invigorate the Korean economy by creating new jobs and new business opportunities.

     

    Song Young-gil, the head of Northern Economy Cooperation Committee, anticipated, If we reconnect the 'economic vessels' that have been separated from the continent for 70 years, Korea will be able to expand to Eurasia through land and sea and increase its status as a logistics hub.

     

    At the forum, experts’ speeches and discussions were carried out on the importance and expectations of securing northern logistics network and the measures to enhance the import and export competitiveness through revitalization of northern logistics.

     

    Sung Won-yong, a member of the Northern Economy Cooperation Committee, delivered a keynote speech and said, The essence of the recent trade war is all about hegemony, and the competition to preoccupy the international transportation is as fierce. He also stressed, In order to be prepared for the era of the unified Korea, the Korean peninsula need to prepare to become a key base for Northeast Asian logistics by actively participating in the establishment of the Eurasian multi logistics network.

     

    The industry, including CJ Logistics and Hyundai Glovis, expressed positive expectations, Freight rates, transport time and the cost for cargo transshipment of Korea’s exports will be dramatically reduced if the northern logistics network is linked and the Northern sea shipping route is opened.  It will greatly improve the shippers’ logistics competitiveness as it will reduce the costs of transshipment and customs clearance.

     

    Professor Song Sang-hwa of Incheon University said, The benefits, such as improved logistics service capabilities, of investing in the infrastructures including ports, airports, and railways in the countries that will be connected to northern logistics network can be boosted when the digital-based smart logistics system is backed up.

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