INCHEON, SOUTH KOREA - A recent analysis has highlighted the significant contribution of Incheon Port to the local economy, revealing that its maritime logistics industry generated a regional production inducement amount of 38.437 trillion KRW in 2022. This figure represents a substantial 33.9% of Incheon's total Gross Regional Domestic Product (GRDP) of 113.253 trillion KRW.
The findings were part of a study titled 'Economic Ripple Effect of Incheon Port on the Regional Economy,' conducted by the Industry-Academia Cooperation Foundation of Inha University. The research was commissioned by the Incheon Port Authority (IPA) as part of its 20th-anniversary commemoration.
The study encompassed a comprehensive range of industries within the port's ecosystem, including core sectors like maritime cargo and passenger transport, terminal operations, and port facility construction. It also examined the economic impact of related industries such as land and air transportation.
While Incheon Port's production inducement has seen significant growth, increasing by over 16 trillion KRW from 21.883 trillion KRW in 2013, its proportion relative to the city's overall GRDP has remained relatively stable. The current figure of 33.9% is comparable to the 33.3% recorded in 2007 and 33.8% in 2013, indicating a consistent and substantial economic reliance on the port.
Lee Kyung-gyu, CEO of the Incheon Port Authority, emphasized the port's vital role in the regional economy. "This research demonstrates that Incheon Port, through its connections with diverse industries such as logistics, manufacturing, and services, creates a considerable ripple effect on the local economy," he stated. He further added, "We are committed to continuing our efforts in port logistics innovation and the development of smart and eco-friendly port facilities to further contribute to the economic growth of the region."
The IPA's commitment to innovation and sustainable development signals a continued focus on maximizing the port's positive impact on Incheon's economy in the years to come.
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