Korea sets up Incheon Port Authority

Korea sets up Incheon Port Authority    The Ministry of Maritime Affairs and Fisheries of South Korea said the Incheon Port Authority will be set up in July, tasked with managing, operating and developing the port of Incheon, located near Seoul.
   The Ministry of Maritime Affairs and Fisheries and the Incheon metropolitan city government met Oct. 26 to discuss the founding of the port authority.
   “In this regard, a new era for privately managed ports is foreseen with the launch of Incheon Port Authority as well as the Busan Port Authority established last January,” the Korean ministry said in a statement.
   Under the country’s Port Authority Act enacted in May 2003, the port authority system was introduced to boost the management efficiency of ports and ensure the international competitiveness of Korea’s ports.
   The port of Incheon handled $6.7 billion worth of goods, or 35 percent of the total production of the Incheon region in 2002. The government plan is to develop Incheon as a center for air and sea traffic.