Global Logistics Center Allcargo ULS Terminal Opens at Busan New Port

[Financial News]  With the opening of the Allcargo ULS Terminal at Busan New Port, another global logistics hub has been established.
Busan-Jinhae Free Economic Zone Authority announced on the 29th that the Allcargo ULS Terminal Co., Ltd. logistics center, located on Sinhang-ro, Jinhae-gu, Changwon, Gyeongnam, opened on the 28th.
The opening ceremony on this day is the first visible achievement following the 100 billion KRW investment agreement (MOU) signed between Busan-Jinhae Free Economic Zone Authority, Gyeongnam Province, and Allcargo ULS Terminal on the 10th of last month. The complex logistics center was established with a total investment of 290 billion KRW and began full operation from this day. The site covers an area of 34,774㎡, and there are plans to hire 50 new employees in the future.
The opening ceremony was attended by key figures including Park Seong-ho, head of Busan-Jinhae Free Economic Zone Authority, Kim Myeong-ju, Gyeongnam Province's Deputy Governor for Economic Affairs, Edarshi Hegde, Vice Chairman of Allcargo, and Lee Hyun-ho, CEO of ULS Terminal.
Allcargo ULS Terminal is a joint venture established by India's Allcargo, ECU Worldwide, and Korea's ULS. The parent company, Allcargo, is a global comprehensive logistics company headquartered in Mumbai, India, and has been leading the global less-than-container load (LCL) logistics market since acquiring ECU Worldwide in 2006. ECU Worldwide currently operates over 300 branches in 85 countries, rapidly expanding its global complex logistics network.
Allcargo is pursuing a mid-to-long-term strategy to develop Busan New Port as a core hub for Asia's logistics based on its global logistics competitiveness. The opening of this complex logistics center is evaluated as a visible achievement showing that this strategy has entered a concrete implementation stage.
Director Park said, “This opening signifies not just the completion of a facility, but that the Busan-Jinhae Free Economic Zone has officially taken off as a global logistics hub,” adding, “We will establish a field-oriented support system that reduces unnecessary regulations and expands opportunities so that companies can fully focus on business management.”
The Free Economic Zone Authority has been conducting various investment attraction activities, including business consultations with the Allcargo Group and meetings with key figures in India. This investment is a tangible result of investment attraction activities, and it is expected that the Busan-Jinhae Free Economic Zone will further strengthen its position as a Northeast Asian complex logistics hub amid the global supply chain restructuring trend.

paksunbi@fnnews.com Park Jae-gwan Reporter