Pyeongtaek Port Authority to Provide 1 Billion KRW Incentive for Cargo Attraction

Pyeongtaek Port panorama Photo by Yonhap News

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is accepting applications for incentives to attract cargo to Pyeongtaek Port.

Gyeonggi Pyeongtaek Port Authority announced on the 31st that it will accept applications for the 'Gyeonggi-do Pyeongtaek Port Cargo Attraction Incentive' from the 1st to the 30th of next month.

The Pyeongtaek Port Cargo Attraction Incentive is a project in which Gyeonggi Province and Pyeongtaek Port Authority provide 1 billion KRW annually to companies using Pyeongtaek Port as part of measures to increase and revitalize cargo volume at Pyeongtaek Port.

The eligibility for the Pyeongtaek Port Cargo Attraction Incentive includes shipping companies calling at Pyeongtaek Port and forwarding companies handling import and export volumes that processed more than 1,000 TEU of container import and export at Pyeongtaek Port from November 1, 2021, to October 31, 2022. One TEU refers to one 20-foot container.

The incentive is paid separately for the shipping company and forwarder sectors based on scale ratio (each company's share of total cargo volume) and increase (each company's year-on-year growth rate). For new route openings, incentives are paid when a shipping company newly establishes or expands a route.

Pyeongtaek Port Authority will pay the incentives within the year based on the review by the payment review committee in December, according to the contribution to new route openings and cargo volume increase.

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