Incheon City Provides 1.3 Billion KRW Incentives to 144 Companies Contributing to Incheon Port Revitalization

Incheon New Port Hanjin Incheon Container Terminal view
[Photo provided by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] On the 30th, Incheon City announced that it has provided a total of 1.33 billion KRW in incentives to shipping companies, cargo owners, and forwarders who contributed to generating cargo volume at Incheon Port and Gyeongin Port.

The support targets included 144 companies such as Goryeo Shipping and EAS Line, with differentiated payments up to 93 million KRW based on performance.

The incentive support project for revitalizing ports in the Incheon area allocates 1.13 billion KRW to the Incheon Port Authority (Incheon Port) and 20 million KRW to the Korea Water Resources Corporation (Gyeongin Port) to support eligible companies that meet the criteria for increasing cargo volume, opening new routes, and attracting high value-added cargo at Incheon Port and Gyeongin Port.

The city plans to allocate budgets of 1 billion KRW and 200 million KRW respectively to Incheon Port and Gyeongin Port next year to support shipping companies, cargo owners, and forwarders.

An official from Incheon City stated, "The port revitalization incentive support project helps reduce logistics costs for shipping companies and cargo owners who are struggling due to global logistics disruptions caused by inflation and monetary tightening policies in major countries worldwide, as well as China's COVID-19 lockdown measures," adding, "It is a significant project in terms of securing competitiveness against other ports."

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