The Ukrainian Sea Ports Authority (USPA) has signed an agreement on transshipment and investment with Busan Port Authority.
A deal recently signed may draw on Busan’s transshipment expertise to increase transshipment volumes at Ukranian ports, for example at Odessa port, the largest port in the Black Sea basin.
Busan is the busiest port of the Republic of Korea, handling nearly 20 million TEUs in 2015.
Together the ports will look at ways to boost Ukrainian terminals' capacities for import, transit and transshipment.
They will also decide on investment opportunities for Korean business, potentially in Ukraine.
State-owned policy research institute Korea Maritime Institute (KMI), which is a global player in the market of research and design in the marine industry, will also be involved in the joint work.
It has expertise in the development of master plans for the ports development, useful for Ukraine in the context of harmonizing the development of the cargo front in ports with access roads.
Head of the USPA Raivis Veckagans said: “The expansion of international contacts through cooperation with the ports of developed countries and the World Bank allows the domestic port industry to take into account the current trends in the development of the maritime industry in the world, to seek new instruments for optimizing the development of ports.
“In particular, one of the world leaders in terms of transshipment volumes — the port of Busan — is a good example of the implementation of the port-landlord model in terms of land management within ports and their transfer to port operators based on concession conditions.
“We plan to move in this direction.”
The visit to the Republic of Korea is being held at the invitation of the World Bank in the framework of the Green Growth Trust Fund programs, established by the Government of the Republic of Korea and the World Bank.
The delegation that visited Korea with the port also included representatives of the technical support office of reforms of the Ministry of Infrastructure of Ukraine and PJSC Ukrzaliznytsya.