December 04, 2024

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LX Pantos CEO Lee Yong-ho (right) poses with Hu Zhongxiong, the secretary of the Communist Party of China Guiyang Municipal Committee at an MOU signing ceremony in Seoul on Thursday. (LX Pantos)

Korean logistics company LX Pantos has signed a memorandum of understanding with Guiyang Logistics, a state-owned enterprise in southwestern China, to strengthen transport networks and enhance logistics services.

LX Pantos CEO Lee Yong-ho and Hu Zhongxiong, secretary of the Communist Party of China Guiyang Municipal Committee, finalized the deal following their meeting in Seoul on Thursday.

Discussions centered on expanding logistics collaboration between South Korea and China, the company said.

“This partnership is expected to strengthen LX Pantos’ foothold in China’s logistics market and promote trade between Korea and China,” a company official said.

Guiyang, the capital of Guizhou Province, serves as a major logistics and industrial hub in inland China. The city is a rapidly growing economic base and a significant contributor to China’s digital economy, which accounts for half of its gross domestic product, the company explained.

Under the partnership, LX Pantos and Guiyang Logistics will work on developing transport networks between Korea and China, expanding inland and global logistics services, and supporting the import and export needs of Guiyang-based firms targeting the Korean market, LX Pantos said.

LX Pantos said the collaboration aligns with its ongoing efforts to expand its international logistics network. The company has recently opened a rail terminal near Budapest, Hungary, established a Korea-China multimodal transportation joint venture and developed new trade routes across the Caspian Sea.

By Park Li-na (linapark@heraldcorp.com)