Hanjin to start Sri Lankan joint venture

Hanjin to start Sri Lankan joint venture    Korea’s Hanjin Shipping said today it will establish a joint venture company in Colombo, Sri Lanka, with its agents in the Indian subcontinent country, Navigation Maritime Colombo (PVT) Ltd.
   Hanjin will invest $250,000 to control 40 percent of the joint venture, the maximum stake a foreign investor can have under Sri Lankan law. The new company is expected to start operations July 1.
   Hanjin Shipping has two Europe services, one Middle East service, and one dedicated Sea of Arabia feeder service calling at Colombo.
   “The Colombo local company is expected to help Hanjin stay ahead in competition in the Bay of Bengal region (encompassing India, Pakistan, Bangladesh, and Sri Lanka) and become more profitable with enhanced sales and logistics operation,” Hanjin said.
   “It is also in line with Hanjin’s strategy to continue to expand its direct sales network in Europe and Asia where improved business competency and customer service will be needed to handle the growing volume in the future.”
   Hanjin has recently established local companies in Valencia, Spain and Bangkok, Thailand, as well as a sales office in Antwerp, Belgium.