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South Korea to develop N Korean port of Nampo

BUSAN - The state-run Korea Container Terminal Authority said Monday it plans to make inroads into the development of Nampo port in North Korea.

"We concluded a memorandum of understanding to make a joint venture for such a purpose with Kookyang Shipping Co and Dongnam Shipping Co," the authority said in a statement.

Kookyang operates container ships that ply between South Korea's Incheon port and Nampo.

"As North Korea is aggressively attracting our investment in the Nampo port development, the launch of the joint venture will be possible during the first half of this year," said Jang Chul-kyun, who is in charge of North Korean business in Kookyang Shipping.

"The joint venture company will be responsible for piers, a container yard, a container freight system and inland transportation from Nampo Port," Jang added.

Nampo is an international trade port and the marine gateway of the Pyongyang Industrial Complex, which is the largest complex in North Korea. The North has three main ports along the Yellow Sea and another three along the East Sea.

"After we set up a joint venture by March, we will consult with the authorities for a concrete business plan and process," the Authority added.

The Authority also plans to join in the development of Dailian port in China, which deals with about 70% of the distribution to the three northeastern provinces of China.

(Asia Pulse/Yonhap)

Jan 4, 2005

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