Incheon Port Authority (IPA) of South Korea and Singapore-based PSA International (PSA) signed a memorandum of understanding (MOU) on November 12 forming a strategic partnership.
The two organizations agreed to share information and ideas in the areas of port operations and technology and best practices, and collaborate in developing Incheon Port. The MOU was signed in Singapore by Kim Choon-Sun, president of IPA, and Tan Chong Meng, CEO of PSA.
“I believe that such cooperation will serve our common interests and contribute to the enhancement of the friendship and mutual understanding between the two organisations,” said Kim.
Tan said, “The signing today is the result of our shared desire to form an even closer partnership between the two organizations and to explore deeper collaboration in the areas of port development, management and operations in Incheon.”
PSA, one of the leading global port groups, operates Incheon Container Terminal in Incheon and Pusan Newport International Terminal in Busan, South Korea.
In related developments, IPA said it is currently developing Incheon New Port in anticipation of increasing trade volume and growing vessel size.
Targeted to open in 2015, Incheon New Port will be constructed in stages. The first phase calls for the construction by 2014 of a 1.6-kilometer pier and a container terminal with six berths in the West-South off Songdo International City.
When the new container terminal is completed, it can accommodate container ships of up to 10,000 TEUs in size.
