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(KPL/Yonhap) The Ministry of Oceans and Fisheries began Monday its process to relocate to the southeastern city of Busan by the end of this year under the government's push to transform the port city into a global maritime hub, officials said.
(KPL/Yonhap) The Ministry of Oceans and Fisheries began Monday its process to relocate to the southeastern city of Busan by the end of this year under the government's push to transform the port city into a global maritime hub, officials said.
The ministry plans to complete moving to its temporary headquarters in the Dong district of Busan, about 330 kilometers southeast of Seoul, by Dec. 21, according to its officials.
The relocation comes amid the Lee Jae Myung administration's plan to develop Busan, South Korea's largest port city, into a global maritime hub with the envisioned opening of Arctic shipping routes.
Busan is working to also attract financial and oceans-related institutions, as well as the country's top container shipper HMM Co. to the city.
Last week, SK Shipping Co. and H-Line Shipping Co., the seventh and 10th-largest shippers here, respectively, announced plans to relocate their headquarters to Busan in line with the government initiative.
Arctic shipping routes refer to maritime passages through the Arctic Ocean that could potentially offer shorter and more efficient trade routes between Asia and Europe.
The sea routes, currently not the main passageway for vessels, are expected to open up more as the ice in the region melts with global warming.
KPL
