President President Go Sang-hwan of Ulsan Port Authority (UPA). (Photos: UPA)

Ulsan Port Authority (UPA) has introduced a “shared growth settlement system” designed to promote shared growth with its cooperative companies.

The shared growth settlement system is a method in which credit sales bonds are offered to SMEs for the payment of goods received to protect them in accordance with a law on facilitating shared growth between large- and small-sized companies.

Cooperative companies may utilize credit sales bonds with low interest rates using UPA’s credit rating.

UPA expects the shared growth settlement system to help its cooperative companies improve its cash flows and greatly reduce a variety of financial costs by securing financial stability.

The shared growth settlement system, which now allows the right of recourse, is expected to have an effect of eliminating successive bankruptcies and stabilizing stability, UPA said. On Nov. 27, UPA struck an MOU on the introduction of a shared growth settlement system with IBK.

Kim Sung-yul, head of UPA’s financial management team, said, “The introduction of a shared growth settlement system is expected to help cooperative companies raise the stability of collecting payments, and UPA will continue to redouble efforts to stabilize management of cooperative companies.”

A view of a workshop inviting terminal operation company officials and stevedores, hosted by UPA, to share the outcomes of Ulsan Port safety guidance teams’ activities for the first half of the year at Ulsan Port Marine Center on Nov. 30.

UPA Hosts Workshop to Share Outcomes of Ulsan Port Safety Activities

UPA held a workshop inviting terminal operation company officials to share the outcomes of Ulsan Port safety guidance teams’ activities for the first half of the year at Ulsan Port Marine Center on Nov. 30.

Ulsan Port safety guidance teams, consisting of UPA officials and industry safety experts, were asked to ramp up industrial safety for port crews.

The teams have conducted on-site checkups and guidance activities targeting each pier operation company. Pier operation companies and managers in charge of safety, who were invited to the forum, discussed how to improve safety and ways of reducing safety incidents at Ulsan Port.

UPA President Go Sang-hwan said, “All port officials are required to make every effort to make Ulsan Port a safety work site, and UPA, a port management institution, will do its utmost to create a safe environment of the port by carrying out safety check-ups and holding workshops.”

A view of UPA headquarters in Ulsan.