SEOUL, South Korea – Hanjin Logistics Corp., a subsidiary of South Korea's Hanjin Group, announced on Wednesday that it has entered into a memorandum of understanding (MOU) with Mongolia's Tuushin LLC to seek collaborative opportunities in Mongolia's burgeoning logistics market.
According to Yonhap News Agency, the agreement was signed on Tuesday in Seoul. Both companies have agreed to jointly participate in an upcoming auction to develop a major logistics center near Ulaanbaatar. Hanjin Logistics intends to leverage Tuushin's extensive local network to provide its delivery and railway-based forwarding services in the Mongolian capital.
Hanjin Logistics, which operates under the larger umbrella of the Hanjin Group known for its airline operations, aims to expand its logistical footprint into the East Asian market through this partnership.