Hanjin, Mongolia’s Tuushin ink logistics partnership

South Korean logistics company Hanjin Logistics Corp. said Wednesday it has signed a partnership with Tuushin LLC, Mongolia's leading freight forwarding company, as a strategic move to advance its presence in Mongolia.

On Tuesday, Hanjin and Tuushin inked a memorandum of understanding at Hanjin's headquarters in Seoul, with Hanjin Logistics CEO Noh Sam-sug, Chief Marketing Officer Emily Cho and Tuushin LLC President Zorigt Namsraija in attendance.

Under the agreement, the two companies will bolster cooperation on freight charges and operational resources for forwarding services covering air, sea and land routes. They also agreed to share overseas logistics centers to enhance their global reach and capabilities.

Adding to the partnership, Hanjin and Tuushin also discussed cooperating to secure a local project to construct a large-scale logistics center in Ulaanbaatar.

Hanjin showed high expectations about the new partnership, citing the growth potential of Mongolia, where the economy continues to grow and relevant infrastructures are being expanded.

"Hanjin aims to utilize Tuushin's local networks to engage with local distribution companies and provide various logistics services in the country, including railway-based forwarding services," said a Hanjin official.

“Hanjin will continue to pursue additional partnerships with overseas companies that possess expertise in the logistics industry to fortify our global business presence."

Hanjin, which currently operates 42 overseas offices across 22 countries, entered Mongolia last year, opening its office in Ulaanbaatar in October.