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Florida and Korean Ports Reach Sister Port Agreement

Published Jul 13, 2012 4:44 PM by The Maritime Executive

The Port of Palm Beach District Commission voted unanimously, Tuesday, June 19, 2012, to approve a Sister Seaport Agreement with the Busan Port Authority, of the Port of Busan, South Korea.

The partnership is meant to establish a relationship that will allow both countries to strengthen the “technical, economical, and commercial activities of the maritime sector, “ and will potentially open opportunities for both countries in a variety of industries .

The Port of Palm Beach’s current resources and infrastructure – including the Port’s connection to the U.S. East Coast via the short-line rail connection with the FEC and CSX -- stand ready to accommodate additional project shipments.

The agreement will not only benefit the Port of Palm Beach, but also the businesses and hospitality industry of Palm Beach County. Korea sought out a sister seaport relationship with The Port of Palm Beach because of potential banking, importation, and vacation opportunities. 

“A sister seaport relationship with a partner as influential as The Port of Busan will only increase potential for the Port of Palm Beach to expand its market and continue to be an economic engine for Palm Beach County,” said Commission Chairman Wayne M. Richards.

Port of Palm Beach Executive Director, Manuel Almira, attended a Korea Trade Promotion Corporation (KOTRA) Florida-Korea Business Summit in April, and The Port of Palm Beach District Commission has planned a marketing trip to South Korea in the fall 2012 to visit the Port of Busan and meet with Busan Port Authority officials regarding the agreement. As part of its marketing plan, the Port also hopes to work with the Palm Beach County Business Development Board and Convention and Visitors’ Bureau to help foster potential business growth and tourism in the community due to the agreement.

The new partnership will increase an already-established relationship between Florida and Korea. Top imports frolem Korea to Florida include petroleum, coal, and communications equipment, including project shipments from the country to Florida Power & Light. Top exports from Florida include oranges and grapefruits.

Under an established Free Trade Agreement between the countries, Korean imports to the Unites States equal $49 billion year, while United States exports to Korea equal $38 billion.

The Port of Palm Beach currently has sister port agreements with: the Belize Port Authority, the Freeport Harbour Company(Grand Bahamas), the Panama Canal Authority, Port Point Lisa (Trinidad), Bridgetown Barbados, Port of Nassau (Bahamas), St. Lucia Air & Sea Ports Authority, St. Vincent and the Grenadines Port Authority, as well as Yantai Port and Lianyungang, China.