Yeosu Gwangyang Port Authority Begins Full-Scale Development of Gwangyang Port Yulchon Convergence and Complex Logistics Complex

Preliminary Feasibility Study Passed... 606.1 Billion KRW Invested, 3.26 Million m2 Scale
Basic and Detailed Design Scheduled for Next Month to Begin Full Implementation

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Yeosu Gwangyang Port Authority (President Cha Min-sik, hereinafter referred to as the Authority) announced on the 10th that it will officially begin the ‘Yulchon Convergence Complex Logistics Complex Development Project’ at Gwangyang Port.

The Yulchon Convergence Complex Logistics Complex Development Project is a project to create facility sites for future new materials and complex advanced industries, as well as complex logistics and manufacturing, on a 3.26 million ㎡ site designated for port redevelopment at the Gwangyang Port Phase 3 dredged soil disposal site.

This project is being implemented following an implementation agreement signed between the Ministry of Oceans and Fisheries and the Authority in July last year. Since then, the Ministry of Oceans and Fisheries has actively worked to ensure the smooth execution of the project.

In April last year, the Ministry applied to KDI for a preliminary feasibility study to build support facilities such as a wastewater treatment plant, reservoirs and drainage pipelines, and connecting bridges within the project site, which involves government funding, and worked to have it approved by the end of August.

The preliminary feasibility study estimated the total project cost at 606.1 billion KRW (including 87.5 billion KRW in national funds).

The Authority plans to proceed with the project promptly, as it has been concluded that the project is feasible.

Starting next month with the approval of the Free Economic Zone development plan, various services for the project such as basic and detailed design, environmental, disaster, and traffic impact assessments will be carried out.

In addition, to ensure the success of the project, activities involving the local community, citizens, and businesses, such as public hearings and investment attraction briefings, will be strengthened.

Meanwhile, at the 11th Yeosu-Gwangyang Port International Forum held last July, the Authority expressed its ambition that “Yeosu-Gwangyang Port will become the ‘forward base of the Y-Route’ extending to China, Russia, and the European continent on the path to South Korea becoming an economic powerhouse,” and “to grow Gwangyang Port into an ‘Industrial Core Port.’”

President Cha Min-sik said, “The Yulchon Convergence Complex Logistics Complex Development Project will be the starting point for building an ‘Industrial Core Port,’ and we will continuously promote the development of hinterland areas of the port,” adding, “We will develop Gwangyang Port as a new growth engine preparing for South Korea’s 100-year future.”

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