Seoul plans cargo hubs
TWO high-technology cargo centres will be built beside the proposed Seoul-Inchon canal by 2000 at a cost of three trillion won (about HK$29.7 billion) in private investment.
This was revealed in a master plan jointly prepared by the Construction-Transportation Ministry and Korea Maritime Institute for the Seoul-Inchon canal project.
The cargo centres will be built at the start and end of the 19.1-kilometre canal.
The Seoul terminal, covering 17.75 million square feet, will be near the Haengju bridge. The other terminal will cover 21.3 sq ft near Inchon.
At the initiative of the Korea Water Resources Corp, a basic plan for the Seoul-Inchon canal and two high-technology physical distribution bases would be worked out this year, sources at the ministry said.
Builders would be selected in the first half of next year, and work would start during the second half for completion in 2000.
Funding for the Seoul-Inchon canal project would be partly provided by Korea Water Resources.
The two centres will be built with private capital in a package deal with the canal project.
Developers of the centres would be allowed to sell some newly created nearby land to help raise funds for the canal project.
Each centre will have a port, a container terminal, a cargo collection-distribution centre, warehouses and other auxiliary facilities.
By 2021, the two centres should handle 23.73 million tonnes of cargo, including 928,000 containers and 7.27 million tonnes of iron and steel products.