President Lee: “Commercializing the Arctic Route Will Bring Enormous Economic Benefits; Make Busan a Key Hub”

[Financial News] President Lee Jae-myung said on the 13th, “The Panstar Acrux, which set out on a trial voyage along the Arctic route, returned to Busan the day before yesterday. This is the first time one of our container ships has completed a round trip to Europe via the Arctic route,” adding, “This must be backed by securing vessels capable of breaking ice, supporting related industries such as insurance and finance, and, above all, a strategy to develop Busan into a key hub for the Arctic route.”
At the Cabinet meeting he presided over at Cheong Wa Dae that day, President Lee said, “We need to speed up the expansion of Busan Port infrastructure, construction of Gadeokdo New Airport, and improvements to the rail logistics network needed for this.”
Regarding the return of the Panstar Acrux after its trial voyage along the Arctic route, President Lee said, “The voyage was also shortened by about a third—roughly 10 days—compared with the previous route via the Suez Canal. If the route is commercialized in the future, enormous economic benefits are expected.” He added, “This brings us one step closer to opening up the Arctic route, which will bring a major transformation in global shipping and logistics.”
However, he said, “This success is not the end but the beginning. There is still a long way to go before a regular commercial route is established,” adding, “We must continue trial voyages to accumulate navigational data and verify the route’s economic viability and stability.”
In particular, he said, “We must also further strengthen our diplomatic capabilities to maintain stable relations with countries neighboring the Arctic route. As I always say, a crisis can become an opportunity, depending on how we respond to it.” He explained, “We will turn the Arctic route, opened up by the crises of climate change and geopolitical risks, into an arena of opportunity where the Republic of Korea leads the reshaping of global logistics.”
He added, “We will spare no effort in providing full support so that Busan and the Southeast Region of Korea can develop into South Korea’s maritime capital, leading balanced development, and become a key gateway for global logistics.”

[email protected] Choi Jong-geun Reporter