Busan Port Authority to strengthen global competitiveness of Korean companies

The Busan Port Authority (BPA) will assist companies to obtain Authorised Economic Operator (AEO) certificates as part of efforts to strengthen the global competitiveness of nearby small and medium enterprises (SMEs).

The AEO certificate is a system adopted by the Korea Customs Service to certify companies that operate in global markets and help with export and import operations, as well as warehousing solutions. Such measures include legal compliance, safety management level and financial health.

It also provides various benefits, including rapid customs clearance and preferred inspection, which the BPA says increases a company’s competitiveness.

The BPA explained that it has been conducting a programme since the second half of 2019 to help companies obtain AEO certification by “systematically consulting” throughout the process from preparation to delivery.

The new companies have received AEO certificates will get “customised consulting” from the Korea Customs and Trade Development Institute since July 2021 and will continue to do so until January 2022.

After the consultation period is over, they will receive support for the entire AEO application process from February 2022 to August 2022.

Nam Ki-chan, BPA CEO, said, “We hope the program will support the companies to attain the AEO certificate, strengthening their export competitiveness. BPA will continue to work to assist SMEs to grow by actively pursuing shared growth policies.”

In June 2021 the BPA signed a memorandum of understanding (MoU) with the Korea International Freight Forwarders (KIFFA) to help Korean companies enter overseas markets by improving data sharing processes.

https://www.porttechnology.org/news/busan-port-authority-to-strengthen-global-competitiveness-of-korean-companies/