Incheon City Provides Incentives to Forwarders Handling Over 200 Tons of Cargo

Incheon City announced on the 23rd that it will provide incentives to international freight forwarders located in the region to support port logistics companies.

Freight forwarders are companies that arrange all tasks from receiving cargo to delivering it to the consignee. Currently, 558 such companies are registered in Incheon. Through this project, the city aims to provide tangible benefits to local logistics companies, promote the creation of high added value, increase cargo volume, and revitalize the regional economy.

The support targets companies registered as international freight forwarders in Incheon that have handled container cargo volumes of 200 tons or more at Incheon Port from the first to the third quarter of this year. The Incheon Port Authority will accept applications until the 17th of next month, verify performance, and plan to distribute incentives in December.

Since its launch in 2020, the Incheon City forwarder incentive program has provided a total of 366 million KRW to 139 companies up to last year, and this year’s budget is 130 million KRW. Incentives will be distributed equally among companies that meet the support conditions within the budget range.

Meanwhile, separately, the Incheon Port Authority has been operating the "Incheon Port Incentive System" since 2006 to reduce logistics costs for companies using Incheon Port. The 2023 Incheon Port Incentive, targeting nationwide shipping companies, cargo owners, and forwarders, will be announced separately in the first quarter of next year.

Incheon New Port Container Terminal
[Photo by Incheon Port Authority]

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