BJFEZ signs a KRW 180 billion investment agreement with Hyundai Glovis, Korea’s No.1 logistics company

- Construction of an integrated logistics center on a 94,938㎡ site within Jinhae Ungdong Hinterland Complex Phase 2

- BJFEZ leads the attraction of global logistics companies and advancement of port hinterland complexes

 

The Busan-Jinhae Free Economic Zone Authority (Commissioner Park Seong-ho, hereinafter referred to as “BJFEZ”) announced on the 28th that it signed a KRW 180 billion investment agreement (MOU) with Gyeongsangnam-do Province, Changwon Special City, and Hyundai Glovis Co., Ltd. at the “Gyeongsangnam-do Investment Promotion Conference” held at The Westin Josun Hotel in Seoul.

At the signing ceremony, key figures including Kim Myung-joo, Vice Governor for Economy of Gyeongsangnam-do; Jang Geum-yong, Acting Mayor of Changwon Special City; Park Seong-ho, Commissioner of BJFEZ; and Lee Kyu-bok, CEO of Hyundai Glovis, attended the event.

All parties agreed to actively cooperate to facilitate smooth corporate investment, revitalize the local economy, and create quality jobs, promoting mutual benefits between the parties.

Hyundai Glovis Co., Ltd., Korea’s No.1 global logistics company, has established logistics hubs in over 40 countries, including China, India, North America, and Europe.

Under this investment agreement, the company plans to build a logistics center on a 94,938㎡ (approximately 28,719 pyeong) site within Jinhae Ungdong Hinterland Complex Phase 2, equivalent to 13 football fields, and the project is expected to create dozens of new jobs.

This agreement is evaluated as a strategic investment by Hyundai Glovis to secure a global port logistics hub at Busan New Port and restructure its logistics supply chain for enhanced stability.
The new logistics center aims to start construction in the first half of next year and be completed and opened in the second half of 2027.

It will be equipped with state-of-the-art logistics facilities and systems, performing high value-added functions such as cargo collection, sorting, labeling, and packaging.

As a logistics subsidiary of Hyundai Motor Group, Hyundai Glovis has secured competitiveness through its efficient logistics system and eco-friendly strategies.

 

BJFEZ signs a KRW 180 billion investment agreement with Hyundai Glovis, Korea’s No.1 logistics company

Since last year, BJFEZ has continued practical consultations with Hyundai Glovis regarding site selection and other details.

In particular, BJFEZ plans to strengthen cooperation so that the geographical advantages of Busan New Port can be linked with the development plans for Jinhae New Port and Gadeokdo New Airport, allowing the region to function as a global logistics network hub.

Through this agreement, the entry of Hyundai Glovis—the nation’s largest integrated logistics company—into the Busan New Port hinterland marks a turning point, shifting the area from a simple storage-focused hinterland into a high value-added integrated logistics hub.

Commissioner Park Seong-ho stated,
“This agreement with Hyundai Glovis, a company with experience in Arctic Route navigation and a global shipping network, is not merely cooperation with one enterprise—it represents the beginning of drawing the future of Korea’s logistics industry.” He continued, “Together with Hyundai Glovis’ investment, we will attract follow-up investments from domestic and international logistics companies and leap forward as a global logistics innovation hub where businesses and the region grow together.”

 

This press release has been translated with the help of ChatGPT.