Huge Step to Build Logistics Hub

Incheon Int'l Airport Corp. signs MOU with KORAMCO to provide high-tech infrastructure at logistics complex

A view of the Incheon IntOl Airport's logistics area, which is being revamped to expand cargo flights from the airport on its way to become a hub logistics airport in Northeast Asia.

Incheon International Airport Corp. signed an MOU with KORAMCO REITs Management and Trust Co. to provide a high-tech logistics infrastructure to reduce substantially start-up investment costs for global logistics and manufacturing firms to locate in the airport's logistics depot attached to its logistics space, the company said on January 6.
The MOU is designed to provide for investment of 33 billion won to develop 33,000 square meters of space in the airport's logistics complex on a build-to-suite basis (BTS). BTS is a business model that allows cargo owners from semiconductor chip equipment, medical equipment and to pharmaceutical products and other specialized cargoes to participate from the beginning stages of building a logistics lot from design so that the logistics depots would be able to handle their cargo with customized high-tech infrastructure at lower costs.
The airport corp. imported the system into the country for the first time is designed to consider the business models from the start of the construction of a logistics space from designing to reduce the start-up costs for companies entering the logistics complex and still be able to use the logistics lot tailor-made for their products and business models.
Officials of the airport corp. said air cargo is increasing as the economy improves, but business firms are reluctant make investments in fixed assets and go for leased facilities and therefore, they have decided to introduce tailor-made infrastructure for the first time in Korea.
The airport corp. expects the new logistics infrastructure system will speed up the development of Incheon Int'l Airport to take its place a central hub for logistics in Northeast Asia as it will help logistics and manufacturing firms to either start or expand their businesses.
The corp. is already in talks with a number of global logistics firms on investments in high-tech and value-added tailor-made logistic facilities, especially with pharmaceutical production and related equipment which are heavily dependent on the construction of right infrastructure and hoped to expedite the development of high-tech specialized facilities so that the airport would be able to lead the high-value added logistics a step faster to be a logistics center in Northeast Asia in a true sense of the word.
From now on the airport corp. will discuss the design of logistics installations and fees as requested by companies that want to use the airport's logistics complex and conclude a contract on the use of the infrastructure and operate them after following the process of construction start, the officials said.
In the meantime, the Incheon International Airport Corp. signed on December 20 a contract for consultation on the design of IT facilities and supervision on the Siem Reap New International Airport to be built in Cambodia with the New Siem Reap International Airport Corp. headed by President Lee Tae-hwan.
Under the contract, the airport corp. will take charge of inspection and designing of IT facilities at the Cambodian airport and will export the IT facilities at the Incheon Int'l Airport to build a central core of the airport, the communication infrastructure, the new airport's lighting systems and the aviation management information system, the check-in system and others, with the right to inspection of the IT design inspection and consultations.
The contract is significant in the fact the airport corps' plan to export its IT facilities and airport management know-how that it has been pursuing since 2009 has been diversified and extended to the area of inspection of core airport facilities, requiring more professional knowledge.
Siem Reap New Int'l Airport will be built by NSRIA Corp. with a stake held by a Korean investor in an agreement with the Cambodian government on a BOT (build-operate-transfer) basis managing the new airport for 60 years following its completion after 5 years.
The Cambodian government authorized in November 2010 the construction of the new Siem Reap airport to replace the existing Siem Reap airport, which is a gateway for tourists to Angkor Wat Monastery. The new airport will be built 40 km away from the ancient monastery on the recommendation by UNESCO and Cambodia wants to attract more tourists to its ancient historical heritage and make the hub airport in Indochina under its ambitious plan.
Southeast Asia with abundant tourism resources has seen many airports being built with many airport development projects underway and therefore, the most import region for overseas advancement of management expertise on airport by Incheon Int'l Airport, said Lee Chae-wook, president of the Incheon IntOl Airport Corp.

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