Yantai Port has strengthened their strategic partnership with Korea’s Inchon Port to accelerate the expansion of their respective shipping industries.

Containers going through the Yantai-Inchon line currently accounts for 65.5 percent of Yantai Port’s throughput to Korea.

The two sides signed a Memorandum of Understanding (MOU) on logistic cooperation on October 28, promising to work together in the maintenance of the sea routes and logistics development.

The details of the MOU includes strengthening the corporations of two governments to create a good logistics environment, working hard to maintain the present routes and starting new ones to promote competitiveness between the two ports. This would ultimately result in better protection for the interests of the clients from both countries.

During the past three years, foreign trade between Yantai and Korea has been increased by 14.75% average every year. In 2008, this number was 835, 200, 000, 0 dollars, which accounted for 23.84% of the total value.

Since October 28, 2005, when Yantai ports and Inchon Ports struck an agreement to become friendly ports, the two ports have made great exchanges and have cooperated on ports management, construction, technology and personal training.

There are currently 7 Korea routes, including Inchon, Pusan and Pyungtack in Yantai Ports, with 11 scheduled shipments every week.

Editor Li Jing

By Ju Chuanjiang and Dai Yan (China Daily Shandong Bureau)