Last Year, Incheon Port Hinterland Handled 477,000 TEU... Record High

Employment Creation and Value-Added Performance of 211.6 Billion KRW

Aam Logistics Complex 1 Overview [Provided by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] Last year, the cargo volume handled at the Incheon Port hinterland complex reached a record high of 477,000 TEU (1 TEU equals one 20-foot container).

According to the Incheon Port Authority (IPA) on the 8th, despite the challenging business environment due to the prolonged COVID-19 pandemic last year, the cargo volume at the Incheon Port hinterland complex increased by 21.8% compared to 392,000 TEU in 2020.

IPA analyzed that efforts such as rent reductions (10.6 billion KRW) to support tenant companies' business continuity and public-private-government collaboration to improve logistics environment regulations contributed to the increase in cargo volume.

As of the end of last year, there were a total of 36 tenant companies in the Incheon Port hinterland complex, with employment rising 4.4% year-on-year to 1,726 people. The added value generated from the cargo volume at the Incheon Port hinterland complex reached approximately 211.6 billion KRW, a 24% increase from 2020.

Although employment changes occurred by hinterland complexes such as Aam Logistics Complex 1 and 2, Bukhang South Side, and New Port due to the prolonged COVID-19 pandemic and rising labor costs, the proportion of regular employment increased by 4 percentage points from the previous year to 80%, indicating an improvement in employment quality.

IPA set this year's cargo volume target for the hinterland complex at 540,000 TEU. With the full opening of the Incheon New Port multimodal logistics cluster and the northern side of the Bukhang hinterland complex scheduled this year, the upward trend in cargo volume is expected to continue.

Next year, an e-commerce specialized zone will begin operation in the Incheon Port hinterland complex, followed by a cold chain specialized zone in 2024.

Kim Jong-gil, Vice President of IPA's Operations Division, said, "Achieving the highest record despite the global maritime logistics difficulties last year was the result of efforts made together with tenant companies," adding, "We will strive to enhance the added value of the hinterland complex through reorganization in preparation for the post-COVID-19 era."

South view of the North Port hinterland complex [Provided by Incheon Port Authority]

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