Incheon Aam Logistics Complex 2 Designated as Comprehensive Bonded Zone Site... Boosting E-commerce Specialization

Aam Logistics Complex panorama
Photo by Yonhap News

[Asia Economy Reporter Park Hyesook] A part of Incheon Aam Logistics Complex 2 has been designated as a comprehensive bonded zone, giving a boost to the establishment of an e-commerce cluster.

Incheon Port Authority announced on the 30th that the Korea Customs Service will designate and announce 458,000㎡ of Aam Logistics Complex 2 Phase 1-1 as a preliminary comprehensive bonded zone area effective July 1.

Phase 1-1 of Aam Logistics Complex 2, with a total area of 557,000㎡, is currently undergoing site development work with the goal of completion by the end of this year.

As the Korea Customs Service decided the designation after reviewing the requirements and conducting on-site inspections, this area will be operated as a preliminary comprehensive bonded zone for three years and will be operated as a comprehensive bonded zone after development is completed.

A comprehensive bonded zone is a space where goods imported from abroad can be stored, held, manufactured, and processed without import declaration.

Companies located in the comprehensive bonded zone are exempt from customs duties when exporting products made from imported goods, and when transferring goods to other domestic regions, they can choose between raw material customs duties or product customs duties. Additionally, there are no restrictions on the storage period of goods or the operation period of bonded licenses, significantly enhancing the price and logistics competitiveness of resident companies.

In particular, following the 'Comprehensive Support Plan for Expanding and Revitalizing GDC Attraction' announced by the Korea Customs Service last month, GDC business operations will be possible within the comprehensive bonded zone, and the authority expects this to further accelerate the attraction of GDC companies to Incheon Port.

GDC (Global Distribution Center) is an international logistics center that imports and stores products from overseas e-commerce companies, sorts and repackages products according to overseas individual orders, and ships them.

The authority plans to attract a global GDC and other e-commerce clusters to Aam Logistics Complex 2 to develop Incheon Port as a specialized e-commerce port.

An official from Incheon Port Authority said, "We expect that the designation of Aam Logistics Complex 2 as a comprehensive bonded zone will give a stronger boost to attracting domestic and international export-import e-commerce companies and GDCs," adding, "the foundation has been laid for Incheon Port to emerge as a specialized e-commerce port."

This content was produced with the assistance of AI translation services.