Incheon Port Used Car Export Complex 'Smart Auto Valley' Fully Launched

Completion of Phase 1 and Relocation of Used Car Export Complex by 2025
Construction of Namhang Bypass Road and Development of Sports, Culture, and Tourism Facilities

Incheon Port Smart Auto Valley Bird's-eye View [Provided by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] The project to establish 'Smart Auto Valley,' a specialized used car export complex, around Incheon Port, the largest used car export port in Korea, is set to accelerate.

Incheon Port Authority (IPA) announced on the 2nd that it plans to complete the first phase of the Smart Auto Valley development project by 2025 and relocate the used car export complex from Okryeon-dong. Accordingly, it will recruit operators for Smart Auto Valley until the 22nd of next month and select an operator early next year.

Smart Auto Valley is a project to create an eco-friendly and cutting-edge used car export cluster in phases (Phase 1 and 2) on approximately 398,155㎡ (about 120,000 pyeong) of hinterland around the Yeokmuseon Pier area of Incheon South Port.

As of last year, Incheon Port accounted for about 90% (346,000 units) of the nationwide used car export volume of 385,000 units, serving as Korea's key used car export hub port. IPA plans to relocate the outdated used car export complex currently operating around Songdo Amusement Park to Smart Auto Valley, which will combine cultural and tourism content.

The used car export industry has a significant ripple effect on upstream and downstream industries, from parts and maintenance to trade. Once Smart Auto Valley is established, it is expected to generate a production inducement effect of 510.2 billion KRW, a value-added inducement effect of 32.4 billion KRW, and create 6,553 jobs.

To alleviate local residents' inconvenience caused by traffic congestion, IPA is promoting the construction of a bypass road (bridge) at Incheon South Port. Additionally, it plans to create a waterfront park and walking trails in Smart Auto Valley to provide rest areas and secure sports and cultural facilities to contribute to the revitalization of coastal pier tourism.

Furthermore, when the coal pier is relocated to Donghae Port, IPA plans to transform the existing coal pier dolphin facility into a skywalk tourist attraction, turning it into a landmark facility of Incheon.

An IPA official stated, "We will secure cultural and tourism content that citizens can enjoy within Smart Auto Valley, transforming the existing outdated used car export complex into a new landmark of the Incheon area," and added, "We will reflect residents' opinions as much as possible in the operation of Smart Auto Valley."

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