A new international passenger terminal is being built in the port of Inchon.
Inchon Port Authority(IPA) held a groundbreaking ceremony at A-am logistics complex(No.2) on 19th Sep. and began the construction.
The project is on target to develop facilities which include 1 berth for the 150,000 ton class cruise vessel to come alongside, 7 berths for 30,000 ton class car-ferry boats and 1 passenger terminal building. There will be an investment of 560 billion Won until 2016.
The construction will be progressed through 3 stages ; 2 berths enabling 80.000 ton class cruise vessel to enter bearing 2014 Asian Game in mind, investment of 236.2 billion Won by 2015 and further 187.5 billion Won by 2016.
IPA expects that the synergy effect will be created as the new terminal is to be located near A-am logistics complex(No.2), which is planned to be developed as a logistics center for the port of Inchon.
Once waterfront cultural facilities are completed at 1.14 million ㎡ hinterlands reclaimed by dredging soil, IPA believes that revitalization of marine tourism and Inchon's positioning as an international gateway will be fulfilled in some way or other.
Mr. Choon-Sun Kim, a CEO of IPA commented "On completion of gorgeous passenger terminal plus advanced logistics complex and waterfront sightseeing facilities, the port of Inchon will get new growth engines apart from cargo traffic."
He continued "If so, Inchon's position would be able to cover not only a logistics hub in the Yellow Sea region but a center of marine tourism and culture in Northeast Asia."
The minister of MLTM(the Ministry of Land, Transport and Maritime Affairs), Mr. Kwon Do-Youp also stated in a congratulatory speech "I am so glad to imagine that the new terminal will tow expansion of co-operative relationship between Korea and China as well as development of so-called 'the Age of the Yellow Sea'."
This project is forecasted to induce production worth 710 billion Won, 5,200 jobs around Inchon area while the ripple effect on the national economy could be 1 trillion and 400 billion Won on production inducement and 1,000 jobs on employment.
