Busan: The Ministry of Oceans and Fisheries began Monday its process to relocate to the southeastern city of Busan by the end of this year under the government's push to transform the port city into a global maritime hub, officials said.
According to Lao News Agency, the ministry plans to complete moving to its temporary headquarters in the Dong district of Busan, about 330 kilometers southeast of Seoul, by Dec. 21. The relocation is part of the Lee Jae Myung administration's plan to develop Busan, South Korea's largest port city, into a global maritime hub with the envisioned opening of Arctic shipping routes.
Busan is also working to attract financial and oceans-related institutions, as well as the country's top container shipper, HMM Co., to the city. Last week, SK Shipping Co. and H-Line Shipping Co., the seventh and 10th-largest shippers in South Korea, respectively, announced plans to relocate their headquarters to Busan in alignment with the government initiative.
Arctic shipping routes refer to maritime passages through the Arctic Ocean that could potentially offer shorter and more efficient trade routes between Asia and Europe. These sea routes, currently not the main passageway for vessels, are expected to open up more as the ice in the region melts with global warming.