South Korea and Norway will seek to boost their bilateral cooperation in the Arctic to jointly develop a new shipping route.
The Ministry of Oceans and Fisheries said in a press release that S.Korea has been strengthening the county’s cooperation with countries surrounding Arctic as part of efforts to develop new shipping route through the Polar region. S. Korea has especially sought to improve its bilateral cooperation with Norway, therefore the two countries are set to hold talks in Oslo, Norway
At the upcoming talks, the countries will seek to further boost their cooperation by exchanging information on the operation safety of cruise ships, as well as their own policies on the development of shipping and cruise industries. They also plan to review progress in their joint project to promote the use of Arctic shipping routes and seek ways to improve the joint project
South Korea launched its first-ever pilot service on a new North Pole shipping route last year as part of efforts to strengthen its presence in the polar region that is believed to hold up to 30 percent of the world’s unidentified natural gas deposits and 17 percent of oil reserves.
The new shipping route can also cut the distance of travel from South Korea to northern European countries by up to 7,000 kilometers from the 22,000-kilometer journey when using the conventional shipping route through the Indian Ocean, according to the ministry.
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