KCS designates HHI as Bonded Area Complex

The Korea Customs Service (KCS) bonded Hyundai Heavy Industries (HHI) in Cheonha-dong, Ulsan, as of May 7. HHI applied to be bonded on March 16 in order to handle cargoes faster. The KCS bonded the HHI complex through the regional customs service's recommendations and research.

Bonded Area Complexes are bonded areas that manage all sorts of activities in one location. They are allowed for areas with over 10 million dollars of exports, foreign invested areas with 10 million dollars or more investment, or other specific areas or individual companies that import over 1,000 tons of foreign products. Currently the International Seafood Bonded Area Complex in Kamcheon Terminal is the only bonded area complex in operation. So, this is the first time for a single company to be named Bonded Area Complex.

If an area is designated a Bonded Area Complex, there are no limits on storage.

Cheonha-dong in Ulsan, 4,954,732 square meters, was designated as a Bonded Area Complex as it manufactures vessels, engines and offshore structures and exports them directly. HHI is expecting to improve its productivity by handling all cargo-management processes in a single place.

In favor of all of these simplified processes, HHI aims its export to go as high as 3.95 billion dollars this year from 3.6 billion dollars in 2000.