A 940,000㎡ Complex Logistics Facility and Park to Be Established in the Hinterland of Incheon New Port

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Oceans and Fisheries announced on the 27th that it has begun a feasibility review of the development plan submitted by a private business operator for Zone 3 of Phase 1-1 and Phase 1-2 of the Incheon New Port hinterland complex development project.

According to the Ministry, the "Incheon New Port Smart Logistics Complex" submitted a development plan for a total area of 940,000㎡, combining 530,000㎡ of Zone 3 in Phase 1-1 and 410,000㎡ of Phase 1-2. The plan involves investing 200 billion KRW to create mixed logistics and manufacturing facilities (470,000㎡) and public facilities such as parks and green spaces (460,000㎡). Among these, the public facilities are expected to be transferred to the state through a donation and acceptance process in the future.

The Ministry judged that the proposal aligns with the purpose of the Incheon New Port hinterland complex development plan and requested the Korea Maritime Institute, a specialized organization, to conduct a feasibility analysis to verify economic viability and eligibility. After the feasibility analysis is completed, the Ministry plans to hold a third-party proposal contest by the end of this year to provide opportunities for other business operators to participate, and to commence construction from the second half of 2023.

Zone 1 of Phase 1-1 of the Incheon New Port hinterland complex has already completed its project and the facilities are in operation, while Zone 2 is scheduled to begin construction in September and complete site development by 2023.

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