Approval of Implementation Plan for Gwangyang Port Yulchon Convergence Complex Development

Total Project Cost of 641.2 Billion Won Invested to Develop 3.32 Million㎡

Yeosu Gwangyang Port Authority (President Park Seong-hyun, YGPA) announced on the 31st that it received approval for the implementation plan of the Gwangyang Port Yulchon Convergence and Complex Logistics Complex Development Project from the Yeosu Regional Maritime Affairs and Fisheries Office.

This project is being carried out by the Ministry of Oceans and Fisheries through a port redevelopment public contest to secure insufficient industrial land in the Gwangyang Bay area and establish a foundation for cargo volume generation. In July 2019, the Ministry of Oceans and Fisheries and Yeosu Gwangyang Port Authority signed an implementation agreement.

Aerial view of Gwangyang Port Yulchon Convergence and Complex Logistics Complex Photo by Yeosu Gwangyang Port Authority

Subsequently, after starting the basic and detailed design service in December 2020, the design was completed by reflecting the consultation contents of the environmental, traffic, and disaster impact assessments. Following changes to the project plan, it passed the Economic Free Zone Committee review in April and the Central Port Policy Committee review in May.

The main content of the implementation plan is to invest a total project cost of 641.2 billion KRW (563.4 billion KRW by the authority, 87.8 billion KRW by the government) to complete the development of a 3.32 million square meter site by 2030. To supply land promptly, the project is planned to be completed in phases: Phase 1 in January 2027, Phase 2 in May 2029, and Phase 3 in December 2030.

As the project site will be developed into a complex logistics complex with industrial and logistics functions, it is expected to generate a production inducement effect of 4.9 trillion KRW, a cargo volume generation effect of 9.8 million tons, and an employment inducement effect of 14,000 jobs.

A YGPA official stated, “We will do our best to select a construction company by July and start full-scale construction,” and added, “We ask for the interest and cooperation of local residents and related organizations.”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr