Incheon Port 'Smart Auto Valley' Development Project, Approval of Next Year's Implementation Plan and Groundbreaking

Incheon Port Authority (IPA) announced on the 22nd that the 'Smart Auto Valley' project, which is being developed as an eco-friendly and advanced facility at Incheon Port, the largest used car export port in Korea, is progressing smoothly.

After re-tendering in May, IPA signed a business promotion contract with the operating company (Kamazon Co., Ltd.) and has completed or is in the process of completing various permits such as traffic and environmental impact assessments. Recently, a lease contract was signed. In the first half of next year, IPA plans to complete the approval of the non-administrative port development project implementation plan from the Incheon Regional Maritime Affairs and Fisheries Office, and start the first phase of the project in the second half.

Smart Auto Valley is a project to create an eco-friendly and state-of-the-art used car export cluster on a 398,000㎡ site (phase 1: 204,000㎡) in the hinterland near Namhang Yeokmuseon Pier, Jung-gu, Incheon, with a total investment of 437 billion KRW. The site will include a used car exhibition hall with a capacity of about 20,000 vehicles, facilities for used car export companies to move in and receive support, repair shops, tuning clusters, and themed spaces.

Smart Auto Valley Bird's-eye View [Provided by Incheon Port Authority]

The Smart Auto Valley development project aims to prevent ongoing safety accidents and environmental pollution through the smooth relocation of the current Songdo Amusement Park used car export complex, and to provide a stable business foundation for used car export logistics companies at Incheon Port, especially small-scale exporters, in line with the trend of used car exports.

In addition, it is expected to contribute to the safety and convenience of residents in the underdeveloped Yeonandong area, job creation, and regional economic revitalization through support facilities such as cultural, sports, and commercial spaces, as well as waterfront areas, beyond just export used car facilities.

This year, used car exports from Incheon Port are expected to exceed 500,000 units, up from 300,000 units last year, marking the highest volume ever recorded. Amid this, the Smart Auto Valley project is expected to serve as an export platform providing Korea’s first one-stop service for used car exports, driving used car exports into a high value-added industry and becoming a hub for growth engines in Incheon Port and the Incheon region, according to IPA.

Lee Kyung-gyu, President of IPA, said, "Incheon Port has taken the first step toward becoming a hub port for used car exports," adding, "Although the business environment is not favorable, we will do our best to ensure successful progress through close consultation with related organizations and the operating company."

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