KIFFA invests KRW 300 million in forwarding warehouse

The Korea International Freight Forwarder Association (KIFFA) decided to put KRW 300 million into a forwarding warehouse at the Inchon International Airport cargo terminal. As of November 15, thirty-four KIFFA member companies are involved in the project.

The board of directors agreed on November 15 to invest in the warehouse, scheduled for completion by 2005. The management will be chosen after discussions with investors.

"We asked 34 forwarding companies including Gava Korea Co., Ltd. and International Aero-Sea Forwarders Co., Ltd. for funding until November 10. However, we still failed to reach 30% of the total needed. Several other companies have expressed their willingness to invest, but stated that their find decisions will have to wait until the management is decided upon. This tells us that more and more potential investor companies will be coming aboard and sign on for the deal.

The association revealed that if it is necessary, it may well hold an additional briefing session. A general meeting will be held after all companies remit their initial payments.