3rd hottest news in the Port of Inchon coming 2002

The year 2002 may well prove to be a great year for the Port of Inchon to reorganize itself.
Some causes for excitement at the port include the designation as a Custom Free Zone, the introduction of a Port Authority (PA), and the launch of new passenger ferry trades between Korea and China.

Custom Free Zone (CFZ) designation

Following the lead of the ports of Pusan and Kwangyang in introducing CFZs next January, the Port of Inchon would like to do likewise next March.
Though the designation was delayed 2 - 3 months later because of poor preparation for CFZ and agreements among those involved, it has accelerated since President Kim Dae-jung ordered it pushed forward early next year.
As it originally planned to designate Pooksung Dong in Inchon as CFZ, it would be helpful to speed-up logistic movements in the port as it exempts indirect taxes there.

The introduction of the Port Authority system

The PA system, as a turning-point for the Port of Inchon, will be introduced in mid 2002.
The Ministry of Maritime Affairs and Fisheries is quite busy preparing the PA Bill to submit to Congress. The PA system will manageand take charge of development, management and ports operations, and will hand over human resource and financial systems to the government. The authority will assume those responsibilities at the cost of having complete control.

Kicking off car-ferry trades

By next April, Inchon and Shidao, Yingkou and Qinhuangdao trades will be under-way. If three trades open, Inchon will become a major gateway to China nominally and virtually with services bound for Tianjin, Shanghai, Yantian, Dandong, Qingdao, Dalian and Weihai.

In addition, the second international passenger ferry terminal will be reshuffled and a World Cup cruise ship service will be introduced.