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Incheon Airport cargo hub to speed up Korean e-commerce goods to market
KOREA's Incheon Airport will build a new 320,000-square metre KRW41.1 billion (US$35 million) cargo complex to raise annual freight volume to three million tonnes by 2020, said the transport ministry.
The complex will break ground in July 2018 to be open by mid-2019 with 90,000 square metres to be developed first and to open in June.
It is part of a move to improve the airport's freight competitiveness in the face of changing air cargo market trends, with the world's trade volume on an overall slowdown, reported the Korea Herald.
Cheaper marine shipping is now taking market share from air cargo and South Korea's largest airport has also been facing tougher competition from China and the Middle East.
The airport will also build a new terminal for FedEx and expand the existing terminal for DHL in the hopes of absorbing demand flowing from China.
The complex will include cold storage for perishables and will actively push to launch and expand flights to the countries of origin of such cargo, in the hopes of creating perishable volume of 60,000 tonnes a year.
The ministry aims to simplify the transport Korean products to overseas markets by having airlines take over door-to-door delivery from forwarders and postal services.
"For Incheon Airport to be competitive against China, which has high domestic demand, and the Middle East, which is convenient for shipping to Europe, it must differentiate itself through investments in infrastructure and process improvements," said the ministry statement.
The complex will break ground in July 2018 to be open by mid-2019 with 90,000 square metres to be developed first and to open in June.
It is part of a move to improve the airport's freight competitiveness in the face of changing air cargo market trends, with the world's trade volume on an overall slowdown, reported the Korea Herald.
Cheaper marine shipping is now taking market share from air cargo and South Korea's largest airport has also been facing tougher competition from China and the Middle East.
The airport will also build a new terminal for FedEx and expand the existing terminal for DHL in the hopes of absorbing demand flowing from China.
The complex will include cold storage for perishables and will actively push to launch and expand flights to the countries of origin of such cargo, in the hopes of creating perishable volume of 60,000 tonnes a year.
The ministry aims to simplify the transport Korean products to overseas markets by having airlines take over door-to-door delivery from forwarders and postal services.
"For Incheon Airport to be competitive against China, which has high domestic demand, and the Middle East, which is convenient for shipping to Europe, it must differentiate itself through investments in infrastructure and process improvements," said the ministry statement.
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