Incheon Agricultural and Livestock Products Distribution Corporation to be Established in February Next Year: "Enhancing Competitiveness of Public Wholesale Market"

Incheon City announced on the 11th that it will establish a public corporation under the city, tentatively named 'Incheon Agricultural and Livestock Products Distribution Corporation,' next year to operate the Namchon and Samsan agricultural wholesale markets.

Since March last year, the city has conducted a feasibility study on the establishment of the distribution corporation through the Incheon Research Institute for six months, and completed the first preliminary consultation with the Ministry of the Interior and Safety in October of the same year. After a mid-term report on the review service, a public hearing for residents will be held in July, followed by a second consultation with the Ministry of the Interior and Safety.

The city aims to launch the distribution corporation in February next year after completing administrative procedures such as reviewing public property, enacting and revising ordinances, and obtaining investment consent.

Incheon Namchon Agricultural and Livestock Wholesale Market. Photo by Yonhap News

The wholesale markets currently operated under a direct management office system by Incheon City have been criticized for lacking expertise and having a dual operation system, resulting in inefficiency.

According to an analysis by the Incheon Research Institute, if the city continues to directly manage the two public wholesale markets in Incheon, a cumulative deficit of 8.8 billion KRW is expected from 2027 to 2031. However, if the corporation operates them, a surplus of 900 million KRW is estimated during the same period.

Among the 32 public wholesale markets nationwide, four markets?including Garak and Gangseo in Seoul, Guri in Gyeonggi, and Daegu?are operated by local public corporations. The total annual agricultural product transaction volume in all public wholesale markets reaches approximately 6.26 million tons, with Incheon’s wholesale markets accounting for about 5%, or approximately 310,000 tons.

An Incheon City official stated, "We will prepare thoroughly for the establishment of the corporation in February next year to enhance the professionalism and competitiveness of the management and operation of public wholesale markets."