GANGWON-DO < invest Korea

According to Yonhap News,

Daea Express Shipping, a new operator of the sea route to Baekdu Mountain, teamed up with the Sweden-based Stena Line to set up a joint venture Stena-Daea Line for the establishment of competitive system and the efficient management of sea route, according to the East Sea Rim headquarter of Gangwon-do (Province) Monday.

Daea Express Shipping will be responsible for managing a cruise passenger terminal and loading and unloading, while Stena-Daea Line for operating the sea route.

Stena Line decided to invest USD 23 million to open the sea route to Mt. Baekdu early this month at its board of directors meetings.

Of the total, USD 18 million will be spent in purchasing a 16,000 ton-chartered ship, USD 3 million in repairing vessels and USD 2 million in buying equipment including cargo handling gears.

Gangwon Governor Choi Mun-sun requested the joint venture launch a non-stop route between Seoul and Europe’s Paris and Amsterdam by connecting the Mt. Baekdu route and Eurasia’s Train Siberia Railway and Trans China Railway.

Gangwon and Sokcho-si (City) are also focusing on developing various cruise tour programs to lure tourists.

Source: Yonhap News (Feb. 11, 2013)

** This is the translation of a Korean article.