South Korea’s Ministry of Oceans and Fisheries (MOF) has launched Phases 1 and 2 of Youngilman port’s revitalisation as container traffic grows. The South Korean government will invest about KRW5.9 billion (USD4 million) to build a 424 m seawall and port hinterland by 2022.
Youngilman is a sub-port of Pohang, since Youngilman’s four container ship berths opened in August 2009, annual container throughput has increased from an initial 5,000 teu to 500,000 teu in 2014. In the first three months of 2019, container volumes were recorded at 1.07 million teu. It is hoped that the revitalised Youngilman will attract more manufacturers and logistics companies to ship goods through the port.
In accordance with Youngilman’s phased development plan, which was devised in 2018, the MOF has allotted 620,000 m2 to be developed as hinterland during Phase 1, and plans to actively support port operations and job creation by attracting logistics and manufacturing enterprises.
Another 530,000 m2 plot is scheduled for development under the second phase of the development, which is planned to start in 2021.
The MOF director of ports, Oh Woon-yeol, said, “Once the construction of the port hinterland is completed, we can attract manufacturing companies that could lead to the creation of a cluster of international logistics companies. Youngilman port can strengthen its position as the logistics centre of the East Sea Rim Area.”
Pohang is where the South Korea’s largest steel maker, POSCO, is headquartered. However, there have been concerns about the long-term viability of Pohang’s reliance on the steel industry. There have been calls for Pohang to diversify its industries and tap on its geographical position in the centre of the East Sea Rim Area to increase international trade.