Rendering of the new logistics complex on Incheon Port`s northern wing [Image provided by Incheon Regional Office of Oceans and Fisheries]
The South Korean government will invest 20.2 billion won ($18 million) to create a logistics cluster base around the northern mouth of the Incheon Port to upscale the harbor environment along the west coast.
According to the Incheon Regional Office of the Ministry of Oceans and Fisheries, the government will break ground for a logistics complex on a 170,000-square-meter site on the northern section of the Incheon Port by March 2020.
The project would cost a total 20.2 billion won with the Incheon Regional Office of Oceans and Fisheries and Incheon Port Authority each chipping in 5 billion won and 15.2 billion won.
Currently, there are 17 piers for handling bulk carriers at the North Port within the Incheon Port. The new space will be leased out to logistics and manufacturing companies. According to Incheon Port Authority, it has already tapped interest from 30 companies.
The oceans ministry expects the logistics complex to help boost container traffic.
The Incheon Port currently has two logistics spaces in Aam and the southern side of the North Port with a maximum lease period of 30 years. The Aam cluster has 16 tenants and the South complex of North Port has 14.
By Ji Hong-goo and Cho Jeehyun
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