Incheon Port Advanced Used Car Export Complex 'Smart Auto Valley' Preferred Negotiator Selected

Smart Auto Valley Bird's-eye View [Provided by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] The (tentatively named) Kamazon Consortium has been selected as the preferred negotiator for the 'Smart Auto Valley' project, which aims to create an advanced used car export complex at Incheon Port, the largest used car export port in Korea.

Incheon Port Authority (IPA) announced on the 15th that it conducted evaluations of three consortia that participated in the re-bidding for the project operator and made this decision.

The Kamazon Consortium was selected as the preferred negotiator by achieving the highest score of over 60 points in the comprehensive evaluation categories including ▲business capability ▲investment and financing plans ▲construction plans ▲cargo volume generation and operation plans ▲employment creation and regional economic revitalization measures ▲environment and safety.

The consortium includes five companies: Shinyoung, Junghung Construction, AutoHub Selcar, Shindonga Construction, and Liberty Land.

IPA plans to negotiate with the consortium to sign the project implementation contract and proceed with related permits and detailed planning procedures. Construction is scheduled to begin by the end of this year, with the goal of completing the first phase of the project by 2026.

Smart Auto Valley is a project to develop an eco-friendly and state-of-the-art used car export cluster in phases (Phase 1 to Phase 2) on a 398,000㎡ (approximately 120,000 pyeong) backland near the Yeokmuseon Pier in Namhang, Jung-gu, Incheon.

IPA had previously selected a preferred negotiator in an earlier bidding, but due to the failure to conclude a contract amid rising raw material costs and interest rate hikes, it conducted a re-bidding this time.

Kim Jong-gil, IPA’s Vice President of Operations, said, "We plan to develop the used car export complex into a new landmark of Incheon," adding, "We will strive to revitalize used car exports and transform the area into a space where local residents can participate together."