SEOUL, Mar. 7 (Yonhap) – President Yoon Suk Yeol vowed Thursday to boost the aviation and shipping industries through a series of projects to expand facilities and infrastructure in the western port city of Incheon.
Yoon made the promise during a government-public debate held at Incheon City Hall, just west of the capital, saying raising Incheon's competitiveness is a "shortcut" to achieving a "big leap" forward for the nation.
"We must realize grand innovations in our strategic industries of aviation and shipping using Incheon as a bridgehead," he said, promising first to grow the aviation industry around Incheon International Airport, including by building a cutting-edge mixed aviation complex nearby by 2026.
The complex, which will be built in a newly designated free trade zone, will house companies handling aircraft renovation and maintenance and other related services.
"Various benefits will be offered, including reductions of acquisition and property taxes, tariff exemptions and land rent discounts," Yoon said. "By doing so, it will host global companies and produce more than 5,000 quality jobs while leading to production worth (US$7.5 billion) over the next 10 years."
Yoon said the government will also develop the airline service industry, including by making sure the envisioned merger between Korean Air Co. and Asiana Airlines Inc. creates good synergy.
In particular, the government will ensure the merger does not lead to higher airfare or a loss of mileage points, while also fostering the growth of low-cost carriers to prevent the merged company from monopolizing the market.
Among plans for the shipping industry, Yoon said the government will increase investment in infrastructure around the Port of Incheon, including 1 trillion won in two wharfs at Incheon New Port, to upgrade it into a smart port that uses artificial intelligence and self-driving cars to load and unload cargo and where all movement is automated.
The government will also accelerate the development of a site behind the Incheon Port International Passenger Terminal to begin the Incheon Golden Harbor Project within the first half of the year, involving international cruises, new resorts, hotels and shopping malls, he said.
Yoon further promised to open the Great Train Express-B line by 2030 as planned to connect Incheon to Namyangju, northeast of Seoul, via the capital city, and reduce the travel time from Incheon to central Seoul to under 30 minutes.
Photo from Yonhap
