South Korea will invest more than 4.5 trillion won (about US$3.06 billion) to expand its overseas logistics infrastructure and secure stakes in foreign port terminals as part of a government strategy to strengthen export competitiveness, according to the Ministry of Oceans and Fisheries.
The plan, unveiled during a government meeting on industrial competitiveness, aims to increase the number of state‑supported overseas logistics hubs from nine to 40 by 2030.
The three-point plan unveiled also involves securing investment in 10 overseas port terminals, and helping to develop three major logistics companies by 2030.
Officials said the investment is intended to reduce supply‑chain risks for exporters and address concerns that South Korean companies lag behind global rivals in owning and operating logistics facilities abroad.
"Under the vision of 'becoming a global shipping powerhouse by 2030,' first, MOF will focus on the development and improvement of its five-year plan of rebuilding the shipping industry by increasing new builds of highly efficient vessels, securing stable cargo volumes, and supporting small- and mid-size shipping lines for their business stability," South Korea's Ministry of Oceans and Fisheries, said.
"Secondly MOF will search for a future growth engine by accelerating the shift into securing eco-friendly ships, adopting smart shipping and logistics systems, and building supporting infrastructure. By doing so, MOF aims to reach the following goals by 2030: shipping revenues of over KRW 70 trillion; deep-sea container ships' capacity of more than 1.5 million TEU; and over 140 million DWT controlled fleet," it added.
Currently, only 8.8% of overseas logistics centers operated by 15 major domestic logistics firms are under Korean ownership.
The ministry also plans to acquire stakes in 10 overseas container and bulk terminals by 2030, targeting key markets including the United States, Canada, Mexico, Vietnam, Indonesia, Malaysia, India, Thailand, Germany, Poland and Hungary.
The government said these terminals are essential for securing handling capacity for strategic cargoes such as energy and grains.
Officials noted that Korean stakes in global terminals are "directly linked to the competitiveness" of the country's shipping and export industries.
