Opening of India-Korea Joint Logistics Center at Busan New Port

With the opening of Allcargo ULS Terminal at Busan New Port, another global logistics hub has been established. The Busan-Jinhae Free Economic Zone Authority announced on the 29th that the logistics center of Allcargo ULS Terminal Co., Ltd., located on Sinhang-ro, Jinhae-gu, Changwon, Gyeongnam, opened on the 28th.

The opening ceremony was the first visible result of the 10 billion won investment agreement (MOU) signed last month on the 10th between the Busan-Jinhae Free Economic Zone Authority, Gyeongnam Province, and Allcargo ULS Terminal. The complex logistics center was created with a total investment of 29 billion won and began full operation on the same day. The site covers an area of 34,774㎡, and plans are in place to hire 50 new employees in the future.

The opening ceremony was attended by key figures such as Park Seong-ho, head of the 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 of logistics in Asia, based on its global logistics competitiveness. The opening of this complex logistics center is considered a visible achievement that shows this strategy has entered a concrete implementation phase.

Director Park said, "This opening signifies more than just the completion of a facility; it marks the full-fledged leap of the Busan-Jinhae Free Economic Zone 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 focus solely on business management." The Free Economic Zone Authority has been engaging in 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 is expected to further strengthen the position of the Busan-Jinhae Free Economic Zone as a Northeast Asian complex logistics hub amid the global supply chain restructuring trend.


Reporter Park Jae-gwan