○ The redevelopment project for Terminal 1·8 at Incheon Port’s Inner Port will finally launch and begin its operations.

○ Incheon Port Authority (www.icpa.or.kr, President Choi Jun-wook) announced that in the afternoon of March 3rd, it would sign an “Implementation Agreement for the Redevelopment Project for Terminal 1·8 at Incheon Port’s Inner Port” with the Ministry of Oceans and Fisheries (Minister Moon Seong-hyeok) at the Conrad Seoul Hotel in Yeongdeungpo-gu, Seoul. The agreement will be conducted in compliance with the preventive guidelines for COVID-19.

○ After IPA was selected as the preferred bidder for the project through various procedures in August of last year, it has been conducting negotiations with the Ministry of Oceans and Fisheries since September to bolster the project plans. The two institutions have reached an agreement for its implementation.

○ The agreement includes the project’s plans for revitalizing the original city center and redeveloping the Inner Port at Incheon Port, including financial support.

○ It was also agreed that the project plan will be finalized later at the stage of its establishment, in consideration of community opinions and preliminary feasibility study guidelines for its execution, and by supplementing the total costs and land use plans.

○ The signing of the agreement is symbolic of the start of the Redevelopment Project for Terminal 1·8 at Incheon Port’s Inner Port. Upon conclusion of the agreement, IPA acquires the status of a project operator, which will carry out redevelopment tasks such as preliminary feasibility study, establishment of a project plan, and application for approval of the implementation plan.

○ Choi Jun-wook, president of Incheon Port Authority, said, “After listening to opinions from Incheon citizens, we have strengthened the public nature of the project by expanding the ratio of public parks and roads during the negotiation process.” He also remarked, “Since the government and Incheon City have promised active support, we will return waterfront spaces to the citizens and create new vitality in the original downtown through the swift promotion of the citizen’s long-awaited project.”