Two large-scale logistics centers to be built in IFEZ

The Incheon International Airport Corporation (IIAC) announced on Thursday that it signed an execution agreement with domestic logistics businesses ACT&CORE and Woojung Air to develop the first airport logistics complex in the Incheon Free Economic Zone (IFEZ).

Founded in 1999 to handle online trade, express cargos and combined freight, ACT&CORE plans to spend 30 billion won building logistics facilities by 2022. Cargo volumes, which have been processed at ports in Incheon and Pyeongtaek, will be handled jointly by Incheon International Airport to strengthen the combined freight system to ensure an annual air cargo volume of 60,000 tons.

Woojung Air, an operator of a logistics center to handle 50,000 tons per year in the IFEZ since 2014, will build a new logistics facility based on an investment of more than 32 billion won. It intends to process an additional air cargo of more than 90,000 tons a year by forging smart logistics systems.

The IIAC concluded an execution agreement with Schenker Korea, a global logistics firm, last December to develop and operate a global shipping center at Incheon International Airport. Schenker Korea will invest 35 billion won by next year in building a global shipping facility of a total floor area of 22,227 square meters in the logistics complex. Designated by the South Korean government back in 2005, the IFEZ is home to freight terminals and logistics complexes with a total area of 3.05 million square meters.

IIAC CEO Kim Kyung-wook said that the corporation will provide enormous assistance to businesses located in the IFEZ on their path to growing as a leading logistics facility operator in Northeast Asia.


Kum-Chun Hwang kchwang@donga.com