Regulations on Transfer Restrictions for Facilities in Gwangyang Port Type 2 Hinterland Complex to Be Eased

Partial Amendment to Port Act Passed by National Assembly

City Accelerates Investment Attraction for Gwangyang Port Type 2 Port Distribution Complex

Gwangyang City in Jeollanam-do announced on the 6th that it will accelerate investment attraction for the Gwangyang Port Type 2 Port Hinterland Complex following the passage of the 「Partial Amendment to the Port Act」 at the National Assembly plenary session.

The 「Partial Amendment to the Port Act」 removes the transfer restriction regulation on upper facilities of the Type 2 port hinterland complex and extends the special period for state-owned property within the port hinterland complex from 20 years to 30 years.

[Photo by Gwangyang City]

The Gwangyang Port Type 2 port hinterland complex spans 71,000㎡ (2 lots, commercial facility sites) and has faced difficulties attracting investment for several years due to port facility regulations (transfer restrictions on facilities for 10 years).

In response, Gwangyang City made efforts including proposals and explanations to the Ministry of Oceans and Fisheries, the National Assembly, and the Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee members since the first half of last year to amend the related law. As a result, the amendment to the Port Act was introduced as a member's bill in December last year and passed the National Assembly plenary session on October 6.

Jung In-hwa, Mayor of Gwangyang City, said, “With the passage of the Partial Amendment to the Port Act at the National Assembly, we will actively attract investment to the Gwangyang Port hinterland complex,” adding, “We hope this will lead to value creation in the port hinterland complex and revitalization of the local economy.”

This content was produced with the assistance of AI translation services.