One of Asia's largest port authorities has signed a landmark co-operation agreement with the company building a new container terminal at Liverpool in the heart of the UK.

Peel Ports Group and Busan Port Authority will now work together to hone technical, economical and commercial acumen and increase investment in infrastructure and environmental developments.

Lim Ki-tack, president of Busan Port Authority, travelled to the UK to meet Mark Whitworth, CEO of Peel Ports Group, and sign the agreement yesterday.

Busan is the fifth largest container port in the world and is considered a global leader in the use of emerging port technologies, in particular port infrastructure and semi-automated port handling equipment.

Peel Ports' Mark Whitworth said: "Developments in Peel Ports-specifically the Liverpool2 project-mean we will soon be able to welcome direct trade from Asia to the North West of the UK.

"We already have a longstanding relationship with the Busan Port Authority, which is a world-leader in the port technology sector.

"We hope that the expertise held by Mr Lim and his team will help us build, in Liverpool2, a terminal which will offer the best of the UK to Asian businesses who want a direct route to market in the north of the UK, Ireland and Scotland."
When open in 2015, Liverpool2's eight Megamax ship-to-shore cranes and fleet of semi-automated CRMG yard cranes, allied with the latest Navis N4 terminal operating system, will make it one of the most efficient and modern terminals in Northern Europe.

The port will have the capacity to handle two vessels from Asia, Europe, the Middle East or the Americas simultaneously.

Six delegates from the Busan Port Authority, as well as a representative from the Embassy of the Republic of Korea, were invited to a tour of the Port of Liverpool as part of today's visit, as well as a discussion on further co-operations between the two parties.

Busan Port Authority president Mr Lim said: "This opportunity of signing the co-operative MOU between Busan port Authority and Peel Ports Group, will create mutual benefit by sharing information and co-operating in port related activities."

Topics covered under the memorandum of understanding include infrastructure development, environmental improvements, commercial waterfront development and education.

The port of Busan handles 17million TEU a year, making it one of Asia's most significant shipping hubs. Peel Ports' five major gateways, strategically located around the UK, handle more than 65 million tonnes of cargo from across the globe every year.