○ On March 30th, the Incheon Port Authority (www.icpa.or.kr, President Lee Kyung-Gyu) announced that the results of the “Analysis of the Economic Ripple Effect of Incheon Port on the Local Economy,” conducted to commemorate the 20th anniversary of the establishment of IPA this year, demonstrated that the production induced by Incheon Port accounted for 33.9% of the total gross regional domestic product (GRDP)^* of KRW 113.253 trillion in the Incheon region.

  * Gross regional domestic product (GRDP): The sum of the market prices of all final goods and services produced within a defined economic zone over a certain period of time

○ From September last year to February this year, IPA, together with Inha University’s Industry-Academic Cooperation Foundation, analyzed the trends in ▴ the industrial production index, facility investment index, as well as ▴ the major indicators of the economy, port, and shipping sectors by year, and sought ways for Incheon Port to contribute to the local economy.

○ According to the report, the production-inducing effect of the comprehensive port logistics industry in Incheon Port was KRW 38.437 trillion, an increase of KRW 16.554 trillion from the 2013 survey result (announced in 2015) of KRW 21.883 trillion. The share of the production-inducing effect of Incheon Port in the gross regional domestic product (GRDP) of Incheon increased by 0.1% points from 33.8% in 2013, which can be interpreted that the increase in the production-inducing effect has led to the increase in the GRDP of Incheon.

○ Professor Seo Chang-su of the Department of Industrial Management at Inha University, who conducted the study, said, “Incheon is the only metropolitan city with a population influx of 33,000 (as of 2023) and a high growth rate in gross regional domestic product (GRDP) compared to the rest of the country with an annual average growth rate of 6.3%. The research showed a slight increase of 0.1% in the production-inducing effect.”

○ Lee Kyung-Gyu, Incheon Port Authority, said, “This study shows that Incheon Port has a significant impact on the local economy by linking with various industries such as logistics, manufacturing, and services.” He added, “We will continue to contribute to the development of the local economy by innovating port logistics and building a smart and eco-friendly port.”