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IFEZ Authority Signs MOU with EMP Belstar of U.S.to Build Cold-chain Logistics Complex in Songdo
U.S. Firm to Invest 300 Bil. Won
IFEZ Authority Signs MOU with EMP Belstar of U.S.to Build Cold-chain Logistics Complex in Songdo
  • By Jung Suk-yee
  • December 10, 2019, 09:33
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IFEZ Commissioner Lee Won-jae (fourth from left) and EMP Belstar managing partner Daniel Yun (fifth from left) pose for a photo after signing an MOU on investment to build a cold-chain logistics complex in Songdo, Incheon City in South Korea.

Incheon Free Economic Zone (IFEZ) Authority announced on Dec. 8 that it has signed a memorandum of understanding (MOU) with EMP Belstar of the United States on building a cold-chain logistics complex in Songdo, Incheon of Korea.

The MOU was signed at EMP Belstar’s main office in New York on Dec. 6 (local time) in the presence of IFEZ Commissioner Lee Won-jae and EMP Belstar managing partner Daniel Yun.

EMP Bestar is a New York-based global investment management company. It holds a 100 percent stake in Eugene SuperfreezeCo., which operates a cold-chain logistics center in the Oseong Industrial Complex in Pyeongtaek, Gyeonggi Province. The center was built on a site of 92,152 square meters and has a gross floor space of 162,223 square meters.

The American firm will invest about 300 billion won to construct a cold-chain logistics complex in Songdo. The new center will utilize LNG cold energy.

Incheon Port Authority (IPA) is promoting a cluster of cold-chain logistics centers in the hinterland of Songdo New Port. Lee Won-jae said, “We will cooperate closely with the IPA and do our best to provide administrative support for the construction of EMP Belstar’s cold-chain complex and the development of the Songdo New Port hinterland.”

Incheon is the second largest port in Korea but has few cold storage facilities compared with Busan and Pyeongtak. The EMP Belstar cold-chain logistics complex will become a major cold storage facility in the Seoul metropolitan area and propel the growth of Incheon Port.