Incheon Inner Port 1st and 8th Piers Redevelopment Kicks Off... Ministry of Oceans and Fisheries - Incheon Port Authority Sign Implementation Agreement on the 3rd

Perspective view of Incheon Port Inner Harbor 1st and 8th Wharf Redevelopment Project [Provided by Ministry of Oceans and Fisheries]

[Asia Economy Reporter Park Hyesook] The redevelopment project of part of the Inner Port of Incheon Port is set to kick off in earnest.

Incheon Port Authority (IPA) announced on the 2nd that it will sign the "Incheon Port Inner Port Pier 1 and 8 Redevelopment Project Implementation Agreement" with the Ministry of Oceans and Fisheries.

Earlier, in August last year, the Ministry of Oceans and Fisheries selected IPA as the preferred negotiation partner for this project and went through negotiation procedures including supplementing the project plan.

The signing ceremony for the implementation agreement will be held on the 3rd at the Conrad Seoul Hotel in Yeongdeungpo-gu, Seoul.

The agreement includes the project direction aimed at revitalizing the old downtown area and government financial support measures. However, specific project plans such as the total project cost and land use plan will be finalized later.

Following the signing of the implementation agreement, IPA will be designated as the project executor for the redevelopment of Inner Port Piers 1 and 8. Going forward, it will actively carry out tasks related to the redevelopment project, such as preliminary feasibility studies, project plan establishment, and application for approval of implementation plans.

This project involves creating marine cultural urban spaces on a 429,000㎡ area around Inner Port Piers 1 and 8 in Bukseong-dong 1-ga, Jung-gu, Incheon, with a total investment of 5.3 trillion KRW by 2028.

Choi Junwook, President of IPA, stated, "We strengthened the public nature of the project by expanding the ratio of public facilities such as parks and roads during negotiations, reflecting the opinions of Incheon citizens. We will promptly proceed with the project to return waterfront spaces to the citizens and breathe new life into the old downtown area."

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