South Korea's Hanjin Transportation, a logistics unit of Hanjin Group, announced on Wednesday that it signed a memorandum of understanding (MOU) with Tuushin Group, the first Mongolian integrated logistics company, to jointly develop logistics services in Ulaanbaatar, Mongolia.
Hanjin established its Ulaanbaatar representative office in October last year. The company has explored business opportunities through expanding logistics services and infrastructure development to support trade between South Korea and Mongolia.
Under the agreement, Hanjin plans to cooperate with Tuushin Group in freight rates and resources for the air, sea, and domestic forwarding business sectors.
They will jointly develop logistics service capabilities and expand their overseas networks by cross-utilizing each other's networks.
The Mongolian Ministry of Road and Transport Development aims to promote the logistics industry to alleviate congestion in Ulaanbaatar.
The two companies have decided to concentrate their efforts on building a large-scale integrated logistics center capable of handling 600,000 TEUs annually near downtown Ulaanbaatar.
Write to Jae-Kwang Ahn at ahnjk@hankyung.com
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