Inchon expects CFZ in first half this year

Following the Port of Pusan and Kwangyang’s designation as Customs Free Zones (CFZ) last January, the Port of Inchon may join the club sometime before July this year.

The Ministry of Maritime Affairs and Fisheries disclosed that it will send Inchon’s CFZ application to the Ministry of Finance and Economy (MOFE) early next month after reviewing the details with other related government bodies. MOFE will decide on it after a 1 or 2 month screening process.

Regarding CFZs, the Port of Inchon’s 1.71 million square meters is larger than the Port of Pusan’s 1.27 million square meters and Kwangyang’s 1.38 million square meters.

Inchon has pushed for CFZ designation alongside the Port of Pusan and Port of Kwangyang, but has encountered delays.