Gov't to invest $3.06 bil. in securing overseas logistics hubs for exporters
Containers await shipment at a port in the southeastern city of Busan, April 1. Yonhap
The government will invest at least 4.5 trillion won ($3.06 billion) into securing logistics hubs overseas to support export operations of South Korean companies, according to officials Tuesday.
The Ministry of Oceans and Fisheries unveiled the plan during a meeting of ministers related to industrial competitiveness, citing the country's need to invest more in overseas logistics centers to help exporters.
Of overseas logistics centers operated by 15 major domestic logistics firms, only 8.8 percent are of Korean ownership. For overseas container terminals, Korean companies currently hold stakes in just seven facilities, according to officials.
To boost the country's logistics competitiveness, the ministry plans to expand the number of government-backed overseas logistics bases to 40 by 2030 from nine at the moment.
The bases will be secured in 11 countries with heavy trade volume with Korea, including the United States, Canada, Mexico, Vietnam, Indonesia and Germany.
It will also join hands with shipping firms and ocean-related authorities to secure stakes in overseas container terminals and bulk terminals for strategic cargo, such as energy and grains, and double the government's logistics supply chain investment fund to 2 trillion won.
Meanwhile, the finance ministry said during Tuesday's meeting that it will create a 150 billion-won special fund to support Phase 3 clinical trials of Korean biopharmaceutical companies and foster 110,000 talents for the biohealth sector by 2027.
It also plans to expand support for cultural content creation based on artificial intelligence (AI) through a 430 billion-won fund.
Finance Minister Koo Yun-cheol, right, speaks at a meeting of ministers related to industrial competitiveness at the government complex in the central administrative city of Sejong, Tuesday. Yonhap
"Despite challenges following the launch of the new administration, such as U.S. tariff negotiations and sluggish domestic demand, our economy has turned toward a recovery," assessed Finance Minister Koo Yun-cheol, who chaired the meeting.
"The government will now focus all efforts on helping the Korean economy make a full-fledged leap forward by pushing for a rebound in the country's potential growth rate in 2026," he added.Meanwhile, the finance ministry said during Tuesday's meeting that it will create a 150 billion-won special fund to support Phase 3 clinical trials of Korean biopharmaceutical companies and foster 110,000 talents for the biohealth sector by 2027.
It also plans to expand support for cultural content creation based on artificial intelligence (AI) through a 430 billion-won fund.