IFEZ, Costco, and LH Sign an MOU for Costco Cheongna
Added Convenience for Residents and Activation of the Local Economy
With the prospect of international retailer Costco opening a branch in Cheongna International City, expectations are rising for upgraded living conditions across the area. On October 23, 2019, the IFEZ, Costco, and the Korea Land & Housing Corporation (LH) signed an MOU to develop a Costco location in Cheongna. IFEZ Commissioner Lee Won Jae, Costco Korea President Cho Min-soo, and LH Head of the Balanced Development Division Jae Hyuck Lee attended the ceremony.
Costco, which runs on a membership system, has some 780 stores and over 95 million members around the world. There are already 16 stores in Korea, with more than 1.8 million members. With the signing of the MOU, Costco Wholesale Korea Ltd. will conduct preliminary due diligence on the land for investment in Cheongna, currently owned by the LH. After this due diligence, it will decide on whether to proceed with the project, while the IFEZ and the LH intend to provide administrative support in every area in order to foster a successful project.
A Costco branch in Cheongna is expected to ensure added convenience to the lives of residents. Meanwhile, an increase in the floating population will promote commercial activities in the area, also helping the development of Starfield Cheongna, which is set for its own construction project in Cheongna International City.
IFEZ Signed an MOU with EMP Belstar
on Investment for Building Korea’s
Largest Cold Storage Facilities
On December 6, 2019, an MOU was signed by Lee Won Jae, Commissioner of the Incheon Free Economic Zone Authority, and Daniel Yun, Chairman of EMP Belstar, on building Korea’s largest cold storage facilities in Incheon New Port Hinterland. For this purpose, Commissioner Lee visited EMP Belstar’s headquarters in New York and, after signing the MOU, had working-level discussions on the project.
As a fund management firm based in New York, USA, EMP Belstar is a holding company for Eugene Superfreeze Co., Ltd., which operates the Refrigeration Logistics Complex in Oseong Industrial Complex in Pyeongtaek, Gyeonggi-do, on a site of 92,152 ㎡ and a total floor area of 162,223 ㎡. EMP Belstar is currently gathering roughly KRW 300 billion in investments to build cold storage facilities using LNG Cold Waste Energy in New Port Hinterland within Songdo International City. This hinterland development project is led by Incheon Port Authority and the Ministry of Oceans and Fisheries, while the project’s site is set as part of the Cold Chain Cluster currently under construction by Incheon Port Authority.
Even in its role as Korea’s second largest port, Incheon Port, in contrast to the ports in Busan and Pyeongtaek, has hardly had substantial logistics facilities installed for refrigerated/frozen products. Therefore, hosting EMP Belstar’s cold storage facilities is expected to serve as a core facility for metropolitan refrigerated/frozen products logistics and as a base of sustainable growth for Incheon Port.