Investment in Building an Ultra-Low Temperature Logistics Center in Incheon New Port Hinterland Becomes Visible

Belstar Consortium Signs Contract to Launch 500 Billion KRW Scale Project

A contract signing ceremony for the project to build the country's largest ultra-low temperature integrated logistics center in the hinterland of the Incheon Free Economic Zone New Port was held on the 24th at the Millennium Hilton Hotel in Seoul. Attendees included Lee Won-jae, Commissioner of the Incheon Free Economic Zone Authority; Choi Jun-wook, President of Incheon Port Authority; Chae Hee-bong, President of Korea Gas Corporation; Cho Yong-don, President of Korea Gas Technology Corporation; Lee Jun-ho, CEO of EMP Belstar; and consortium officials.
[Photo by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The project to build the largest ultra-low temperature integrated logistics center in South Korea in Songdo International City, the hinterland complex of Incheon New Port, is gaining momentum.

On the 25th, the Incheon Free Economic Zone Authority announced that the investment by the Belstar Superfreeze Consortium, which includes EMP Belstar that signed a memorandum of understanding for investment attraction in December 2019, has become visible.

The day before, the Incheon Free Economic Zone Authority held a project promotion contract ceremony at the Millennium Hilton Hotel in Seoul, attended by representatives from Incheon Port Authority, Korea Gas Corporation, Korea Gas Technology Corporation, and EMP Belstar.

The Belstar Superfreeze Consortium, the contracting party, plans to invest a total of 496.8 billion KRW over the next three years to build the logistics center.

This logistics center is expected to process approximately 290,000 tons of frozen and refrigerated cargo annually by utilizing ultra-low temperature cold energy at minus 162 degrees Celsius generated from the nearby Korea Gas Corporation LNG receiving terminal, creating about 250 new jobs.

Additionally, the expansion of this ultra-low temperature logistics infrastructure is expected to greatly assist in the distribution of various pharmaceuticals, including vaccines produced in the Songdo International City Bio-Industry Cluster.

EMP Belstar is a fund management company headquartered in New York, USA, and signed a memorandum of understanding (MOU) with the Incheon Free Economic Zone Authority in December 2019 to promote this project.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "We will spare no support to companies and Incheon Port Authority to ensure the ultra-low temperature logistics center, introduced for the first time in the New Port hinterland complex, is built without any setbacks," and added, "We will cooperate to create synergy with nearby bio-industry related companies."