Part of Northern Economic Cooperation
CJ Logistics will make a full-scale entry into 'northern logistics' through strategic cooperation with a Russian logistics company.
On March 18, CJ Logistics announced that the company signed a memorandum of understanding (MOU) on strategic cooperation and joint business development with FESCO, a representative Russian logistics company at the CJ Human Resources Development Center in Pildong-ro, Seoul on March 16.
Northern logistics represented by the Trans-Siberian Railroad (TSR) is the core business of northern economic cooperation called a new growth engine of the Korean Peninsula and one of the sectors that attract the most attention in line with recent political situations on the Korean Peninsula. In attendance were representative Park Keun-tae, president of CJ Logistics, Alexander Isurin, CEO of FESCO, Song Young-gil, chairman of the Northern Economic Cooperation Committtee, Maxim Volkov, minister-counselor and deputy chief of mission at the Embassy of the Russian Federation in South Korea and Yun Won-seok, head of the Information and Commerce Cooperation Division at the KOTRA among other people.
CJ Logistics and FESCO will cooperate in various logistics projects across Eurasia through this agreement. CJ Logistics is planning to continue its strategic partnership with FESCO in the project logistics sector including large-scale plant construction projects in the CIS region, including Uzbekistan, sharing information and jointly winning orders.
The two companies also agreed to strengthen cooperation in northern economic cooperation which is called a new growth engine for the Korean Peninsula. In particular, FESCO promised to help CJ Logistics enter the transportation business based on the TSR, which is the core infrastructure of Eurasia logistics by utilizing its transportation infrastructure.