Shortcut to Body Shortcut to main menu

Investment News

  • Home
  • About Us
  • Newsroom
  • Investment News
S. Korean govt to face-lift Incheon Port, spending $7.5 bn by 2030
According to Pulse by Maeil Business News Korea

South Korean government will invest 9 trillion won ($7.5 billion) to upgrade Incheon Port as a world-class logistics center capable of handling 200 million tons of freights annually and reshape the nearby coastal region as marine tourism destination by 2030, the oceans ministry said on Tuesday.

According to a plan released by The Ministry of Oceans and Fisheries, the government will revamp the Incheon Port and its facilities by 2030. Located on the west coast of the country and about 30 kilometers west of Seoul, the Incheon Port is one of the country’s major harbors.

Under the plan, the state will complete a current harbor dredging project, raising channel depth to 16 meters from previous 14 meters to accommodate super-sized container carriers that have become a new norm in the global shipping industry, at the New Port within Incheon Port by May next year. The government will also add a dock exclusive for container carriers and an industrial park at the New Port.

The South Port of the Incheon Port will be remodeled to house motor vehicle shipment to meet the demands for car-only shipping docks. In the long-term, the container docks at the South Port will be combined with the New Port under a plan to develop the port as the container freight and logistics hub close to the capital.

The docks for sands and coal shipments at the Inner Port will be closed down with a tentative plan of reshaping the area as an industrial cluster for harbor industry while the logistics support facilities like steel mills and wood processors at the North Port will be upgraded.

The government plans to connect the Incheon Port and its neighboring infrastructures such as Incheon International Airport, cruise terminal, and car ferry terminal with an aim to develop the area as an international marine tourism destination.

By Seo Dong-cheol

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Dec. 27, 2016)

Meta information