Incheon Airport plans to invest in cargo terminals for pharma

Incheon International Airport expects to benefit from a large-scale global distribution centre (GDC) for e-commerce that is due to be built in the Incheon Airport Free Economic Zone in August. When the GDC is completed, it is expected to generate approximately 8,000 tons of cargo and about 240 new jobs. The airport is also focusing on investing in cargo terminals to support cargo airlines, and building up pharma and cold chain business. The project will cost approximately $28m. Incheon International Airport Corporation (IIAC) said that the Incheon Free Economic Zone, which includes the Incheon Airport Logistics Complex and cargo terminal areas, provides customers with a more competitive environment through convenient customs procedures, tariff benefits, and various incentives. In April 2005, 2,093,000 sq m were designated as a free trade zone, followed by the expansion of the first airport logistics complex by 922,000 sq m in December 2007, and the designation of a new second airport logistics complex of 326,000 sq m in April 2020. There are 40 logistics companies and two manufacturing companies in the airport logistics complex, and those tenants are guaranteed free manufacturing, logistics, and trade activities, as well as receiving low rent and tariff deferral benefits.