The Port of Algeciras has established its position as the principal destination for maritime trade routes between Spain and South Korea., 27 days, and has one of the most modern terminals in southern Europe, the Total Terminal International Algeciras (TTIA), which has given trade between the two countries a great boost.
The Port of Algeciras has established its position as the principal destination for maritime trade routes between Spain and South Korea. It facilitates the shortest transit time between the Mediterranean and the Korean port of Busan, 27 days, and has one of the most modern terminals in southern Europe, the Total Terminal International Algeciras (TTIA), which has given trade between the two countries a great boost. The significant logistical potential offered by this infrastructure has led the Port Authority of Algeciras Bay to launch the ‘Algeciras-Korean Business Cluster’ initiative, with the objective of taking trade between Spain and Korea to a new level by promoting the opportunities offered by Algeciras Bay amongst companies in both countries.
The TTIA is, incidentally, the biggest South Korean investment to have been made in Spain, at a value of 200 million euros. It was opened in 2010, as the first semi-automatic terminal to operate in the Mediterranean. It spans 300,119m2, has 1.8 million TEUs of cargo capacity, and currently 25 of the 27 shipping companies which operate in the Port of Algeciras dock there, in addition to connecting with a further 102 ports worldwide.
Algeciras is a key location on the main maritime routes, particularly those that link Asia with the Atlantic markets and it is a privileged enclave which has enabled Spain to substantially increase exports to Korea. Trade between Korea and Andalusia alone reached 139 million between Janueary and August 2015, which represents an increase of 6.4% compared to the same period last year, according to data from the Trade Promotion Agency of Andalucía (Extenda).