INCHEON PORT TO DEVELOP CUSTOMS AND LOGISTICS FACILITY

Source: Incheon Port

The new facility, which is expected to expedite customs clearance of import and export cargoes in the South Korean port, is scheduled to be completed in the second half of 2023, will cost approximately US$110 million and will be more than 99,000m².

Amid the Covid-19 pandemic, more goods have been sold through e-commerce, resulting in the increase of cargo passing through Incheon.

IPA expects the facility to reduce shipping costs for shippers, strengthen the port's logistics competitiveness, create local jobs in connection with the e-commerce cluster and strengthen South Korea's competitiveness in the global e-commerce market.

"The Incheon Port Aam Logistics Complex 2 has passed the first gateway to becoming an e-commerce-specialised port," pointed out IPA Executive Vice President, Lee Jeong-haeng.

Incheon’s 2020 throughput was up nearly 6% year-on-year to over 3.27 million TEU, which represents an all-time record for the port. Additionally, the volume comprised 1.62 million TEU of imports and 1.57 million TEU of exports, increased by 4% and 6% respectively.

The throughput included 390,033TEU that was generated from logistics companies operating in the Incheon Port hinterland, resulting in an economic value add of US$156.39 million.

Source: container-news.com