First local authority operates port in Western harbor in Pyoungtaek

A local government will operate a port authority for the first time in Korea.

Inchon Regional Maritime Affairs and Fisheries unveiled May 21 that the tentatively named "Kyounggi Pyoungtaek Port Authority," including Kyounggi province and Pyoungtaek, will be selected as the western harbor operating company, satisfying six facility investment conditions worth 4.5 billion won.

At first, two companies, i.e. the Kyounggi Pyoungtaek Port Authority and the Pyoungtaek Western Harbor Corp., submitted screening applications, however, the Pyoungtaek Western Harbor Corp. abandoned its second screening, leaving only the Kyounggi Pyoungtaek Port Authority in line.

The Kyounggi Pyoungtaek Port Authority, which opens next month with 5 billion won of capital, will receive investment for a 36 percent share in it from Kyounggi province, 15 percent from Pyoungtaek, and 49 percent from four other companies consisting of Inchon stevedoring companies such as Youngjin Corp., and Uryoung Express.

The Kyounggi Pyoungtaek Port Authority said in a proposal, "We will make the Port of Pyoungtaek a priority as the hub port in West Sea Economic Bloc, facilitating its geographic merits in the center of the Northeast Asia Logistic Flow."

The western harbor in Pyoungtaek will have two berths for 30,000ton vessels and 124,414 square meters of land. It will handle general cargoes and lumber, and is expected to raise 603 million won in leasing fees annually.