MOF and Incheon-si to draw the future of Incheon Port jointly

- MOF to sign the Implementation Agreement for the Redevelopment of Incheon Port Inner Port Piers 1 and 8 with the Incheon-si Consortium

 The Ministry of Oceans and Fisheries (MOF; Minister Kang Do-hyung) announced on Tuesday, December 24 that it would sign the Agreement for the Redevelopment of Incheon Port Inner Port Piers 1 and 8 with the Incheon-si Consortium (Incheon-si, Incheon Port Authority, and Incheon Urban Development Corporation).

 The Incheon Port Inner Port Piers 1 and 8 Redevelopment project will revitalize Incheon's original city center, creating an urban space for marine culture in Incheon Port’s Piers 1 and 8, which have become idle due to the relocation of port functions.

 Earlier in August, MOF selected the Incheon-si Consortium as the preferred bidder through third-party proposal competition and project plan evaluation. Afterward, a negotiating team composed of experts in various fields such as development, accounting, and finance was formed to negotiate with the Incheon-si Consortium regarding the direction of the project plan (draft) and project implementation conditions. The final agreement was reached during the main negotiation on December 10, leading to the signing of today's implementation agreement.

 According to the implementation agreement, the total project cost—excluding upper facilities—is KRW 590.6 billion, and MOF agreed to provide approximately KRW 28.3 billion in financial support for 3 projects including a pedestrian deck connecting the project site and the original city center area. Development profits will be reinvested in the region in accordance with the Act on the Redevelopment of Harbors and Development of Their Environs, and local opinions—including those from local consultative bodies—will be reflected as much as possible during the project implementation process.

 Moreover, through this implementation agreement, MOF and Incheon-si agreed to cooperate actively to ensure the balanced development of Incheon Port and its surrounding areas. They will also sign an MOU to secure public interest in the development and operation of the Incheon New Port hinterland and the Incheon area port redevelopment.

 “It is very meaningful that an opportunity has been created to discuss the future blueprint of Incheon Port—including the redevelopment of Incheon Port's Inner Harbor Piers 1 and 8—with the local community. We will actively cooperate with Incheon-si and others for the smooth redevelopment of Incheon Port's Inner Harbor Piers 1 and 8 as a long-standing wish of the local community and for the mutual development of Incheon Port,” Minister Kang Do-hyung said.