Short-term perspective strategy for recent challenges in the Korean port industry

Changes in the port industry at home and abroad demand a new paradigm of port development. Ports have moved from forward approach to backward approach to do multi-functions and create remarkable added value by connecting the hinter land logistics complex. Under these circumstances, it is necessary to diversify the standard determining port development. The port operating market has been rearranged from seller’s market to user’s market. Therefore, increasing productivity and securing price competitiveness for the operators are prerequisites for dealing with the challenges

The current issue for Korea faces is opening the door to a new market by investing in various sectors of the target country. Measures on selecting sites and running pilot programs are needed to advanced into the overseas market. A new business model using EDCF (Economic Development Cooperation Fund) and ODA (Official Development Assistance) as a way to enter into new markets in foreign port development should be identified. Building environment-friendly ports emitting low greenhouse gas is emerged as a key issues including renewable energy and modal shift. Green growth also highlights the importance of developing ‘resource recycling ports’