○ Incheon Port Authority (www.icpa.or.kr, President: Jun-wook Choi) announced that it signed “Business Agreement for Increased Cooperation to Facilitate Sea&Air Multimodal Transportation” on July 12 with Incheon International Airport Corporation to share their logistics infrastructure and boost the local economy through the effective collaboration of Sea&Air multimodal transportation.

* Sea&Air multimodal transportation (Sea&Air): A form of transportation that connects ocean and air freight for collective shipping, combining the former’s economy with the latter’s speed.

○ The signing ceremony was held at the IPA office building (Songdo IBS Tower, 263, Central-ro, Yeonsu-gu), attended by over ten people, including Jong-gil Kim, Vice President of Operation Division at IPA, and Bum-ho Kim, Vice President of Future Business Division at IIAC.

○ The two organizations signed the agreement to strengthen mutual cooperation and build a consensus on necessity of develop plans to facilitate and enhance the effectiveness of the Sea&Air multimodal transportation service for constant growth of traffic volumes at Incheon Port and Incheon International Airport.

○ Incheon Port handled 25,253 tons of traffic volume last year, which amounts to 41 percent of South Korea’s entire Sea&Air traffic volume, and become a major gateway of Sea&Air multimodal transportation departing from China.

○ With this agreement, both organizations will work to discover new markets and shippers by expanding logistics routes such as Sea&Air and Air&Sea, while improving their environment, and researching and analyzing the current logistics status to provide faster and much economic services for shippers and forwarders using Sea&Air.

○ In addition, they plan to raise the Sea&Air traffic volume at Incheon Port to 100,000 tons per year by 2030 with the ‘Sea&Air, Air&Sea Incentive’ system introduced this year.

○ Jong-gil Kim, Vice President of Operation Division at IPA said, “We expect that the actions to improve the logistics environment, such as reducing the transportation time between Incheon Port and Incheon International Airport, reducing logistics cost, etc., will lead to an increase in the Sea&Air traffic volume”, he added, “We will add variety to Incheon Port’s logistics business model to provide clients with the best logistics environment.”

※Photograph dex-scription (attached separately) / To be provided around 3 P.M.

= They are posing for celebratory photographs after signing “Business Agreement for Increased Cooperation to Facilitate Sea&Air Multimodal Transportation” / Provider = IPA

○ (Logistics type) A logistics model that ships cargo from China to Incheon Port by car ferry before transporting them to different countries around the world by air

- Using Incheon International Airport, which has an outstanding infrastructure for international logistics routes, it is possible to transport cargo in a short time with lower costs than pure air freight.