02
Aug
11

Korean Staggering Investment in Ports

South Korean’s were ahead of the game earlier year and late last year when they beefed up their container fleets. It seems that they are at it again with the government’s latest report to expand port infrastructure in the booming Asian country.

South KoreaGrowth Everywhere

In March of this year, economists upgraded South Korea’s 2010 GDP growth, from 6.1% to 6.2%. 2010’s growth rate was the fastest in 8 years.

“The growth of the Korean economy accelerated last year, helped by a sharp upturn in facilities investment, expanded exports and a pickup of growth in private consumption,” the Bank of Korea said in a statement.

Last year’s growth in Asia’s fourth largest economy was the fastest since 2002, when the economy expanded 7.2 percent.

Investing where it counts

All of this leaves no reason to doubt their latest plans of expansion at the ports that was announced earlier this week when the government said it plans to invest $38.9 billion through until 2020.

According to reports, the investment will be used to build more piers at seaports to increase the country’s annual cargo-processing capacity from 1.21 billion tonnes to 1.81 billion tonnes per year. If the picture needed to be even brighter, the Minister of Land, Transport and Maritime said that planned investment would raise over half a million jobs between now and 2020 and the value of the port would be projected, when finished, at USD 37.8 billion.

South Korea has all their men on base and Mr. Clutch is stepping up to the plate to deliver a huge welcome home party for all the industries involved in trade and business on the Northern Asian peninsula.

Businesses are Leading the Standing Ovation

Not only are the clapping and popping bottles of champagne right now, businesses in South Korea are planning for a massive influx of business. Industry in Japan has taken a serious hit from the Earthquake and subsequent tsunami in April of this year. South Korea has been slowly albeit, not so quietly building their reputation through quality products and innovations that demand attention on the world-wide scene.

Samsung, Daewoo, Hyundai, LG, and many others that you may not have heard of, but whose products you definitely use without even know it have been building solid products with solid reputations for years. Bigger more efficient ports make getting them to your doorstep a whole lot easier and cheaper. Look for more of them right under your nose in years to come.

And who else better to bring them to you and your neighbors? Let Pacific Tycoon show you how container ownership can put money in your pocket while you participate in the growth all over Asia.

Image: TexasAtAustin

Sources: WorldMaritimeNews

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Gain unearned income. Own shipping containers and lease them to us. We contract with companies who need to ship materials.

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