'Yeouido Area 1.1 Times' Gwangyang Port Phase 3 Staging Yard to Be Developed as Industrial and Logistics Land

Establishment of the Project Plan for Gwangyang Port Phase 3 Storage Yard (Zone 1) Harbor Redevelopment

Gradual Supply from 2025 to 2029
Ministry of Oceans and Fisheries to Provide a Total of 87.5 Billion KRW in Financial Support Including Construction of Connecting Bridges

Perspective view of the Gwangyang Port Phase 3 Storage Yard (Zone 1) Port Redevelopment Project.

[Sejong=Asia Economy Reporter Joo Sang-don] The 'Gwangyang Port Phase 3 Reclamation Site,' which is 1.1 times the size of Yeouido, will be developed into a high value-added industrial and logistics site.

The Ministry of Oceans and Fisheries announced on the 29th the plan for the 'Gwangyang Port Yulchon Convergence and Complex Logistics Complex Development Project' containing these details.

The Phase 3 reclamation site of Gwangyang Port is located within Gwangyang Port, the largest industrial cluster port in Korea, situated in Yulchon-myeon, Yeosu-si, Jeollanam-do. A Ministry of Oceans and Fisheries official explained, "Around the reclamation site, industrial facilities of Yeosu National Industrial Complex, Yulchon Industrial Complex, and port hinterland complexes are organically located together with wharf and port facilities, establishing an industrial logistics infrastructure, which also creates demand for new related projects."

The Ministry decided to develop the Phase 3 reclamation site into a high value-added industrial and logistics site to strengthen Gwangyang Port's competitiveness and support the Gwangyang Port industrial complex, which is facing difficulties expanding factories due to a shortage of industrial land. This was reflected in the 2016 basic plan for port redevelopment. Subsequently, through a 2018 public bid, Yeosu Gwangyang Port Authority (YGPA) was selected as the project implementer, and after consultations with related agencies and public hearings with residents, a detailed project plan was established.

The project plan includes detailed land use plans, traffic management plans, infrastructure installation plans, and financing plans. Based on this, Yeosu Gwangyang Port Authority will establish design and implementation plans starting next year and proceed with construction from 2022 to 2029.

First, Yeosu Gwangyang Port Authority will promote the project in three phases to secure the total project cost of 566.9 billion KRW. After initial investment, funds will be raised through sales proceeds from phased completions. According to relevant laws and agency consultations, infrastructure such as roads, parks and green spaces, parking lots, and wastewater treatment facilities will be arranged on the site. Based on literature and statistical analysis and tenant demand surveys, industries such as future new materials (including petrochemicals), complex logistics (storage tanks, etc.), and complex advanced industries will be selected and allocated. YGPA will initially attract tenant companies by providing customized consulting and consultation meetings targeting future new materials companies such as petrochemicals.

The redevelopment area confirmed through the project plan is 3.26 million square meters (1.1 times the size of Yeouido). Of this, the area developed as industrial and logistics land, excluding infrastructure, is 2.13 million square meters, which will be supplied gradually from 2025 to 2029. The Ministry plans to provide a total of 87.5 billion KRW in financial support, including the construction of connecting bridges, to ensure the successful redevelopment of the Phase 3 reclamation site (Zone 1). To this end, a budget of 3.5 billion KRW was secured in 2021 to start design work. If the project proceeds smoothly, it is expected to generate private investment worth 3.3 trillion KRW including aboveground facilities and create approximately 18,000 jobs.

Kim Gyu-seop, Director of the Port and Coastal Regeneration Division at the Ministry of Oceans and Fisheries, said, "This redevelopment initiative will solve the shortage of industrial land in the Gwangyang Bay area and secure new growth engines for Gwangyang Port. We will actively support smooth progress by continuously communicating with local governments and residents during the project implementation process."

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