With the launch of the Incheon Port Authority (IPA) on July 11 this year as an impetus, Incheon Port's infrastructure development is gaining rapid momentum. Large volumes of cargo are anticipated at Incheon Port, with priority being given to the three Free Economic Zones (FEZs), including Incheon International Airport and Songdo International City. In the past, Incheon Port's facilities were inadequate to deal with such cargos. As a result, for freight coming from China and elsewhere, there was no choice but to use Busan Port for goods to access the Seoul Metropolitan Area. Therefore, IPA's role and mission are clear and precise, according to IPA president Suh Jung-ho, who took office as the first president of the Authority following its launch on July 11 this year. He pointed out,' Our primary goal is to allow a lot more freight to come through Incheon Port by expanding the port facilities in a timely manner and to induce companies to utilize it after forging an all-round logistics cluster by developing the infrastructure for a logistics complex.' The president added that in addition to this, providing that the IPA can attract sufficient freight through active marketing and provide speedy and high-quality service by boosting efficiency of the port operation, Incheon Port has the potential to become the central port of the Pan-Yellow Sea Rim A port where people, cargo and information come together; a logistics hub of the Pan- Yellow Sea Rim, connecting the Seoul Metropolitan Area and China. This is the very blue ocean strategy that Incheon Port should pioneer, Suh said, stressing that with the launch of IPA as an impetus, Incheon Port is in a way welcoming global shippers with its second opening. A private operation system based on corporate management principles Concerning the significance of the IPA's new role, Suh explained that the Authority was established to convert the port's management into a private operation system based on corporate management principles. By operating under a private sector system, port productivity and efficiency will be raised and active competition will become possible with global logistics handlers. The president further elaborated on the benefits of a private management system that can offer improved port infrastructure by developing timely and efficient service, compared with a state-operated port. With enhanced marketing efforts it will become possible to provide customer-oriented service He went on to say that especially, with the launch of IPA as a driving force, flexible budget operation will now be possible, referring to the fact that on the basis of this, IPA can raise good quality funding by issuing foreign currency securities and port bonds, and by borrowing public management funds. Fortified by such funding, the newlyinaugurated president notes that IPA aims to develop port facilities and the adjoining logistics complex within a short period to lure large-sized shipping lines and multinational logistics corporations to Incheon Port. Since IPA is more flexible in several aspects besides fundraising, such as in decision-making processes and systems compared with a governmental organization, Suh predicted confidently that IPA would play a major role in enabling Incheon Port to become a hub port of the Pan Yellow-Sea Rim by carrying out essential projects that successive governments were unable to implement. First of all, the IPA president pledged to forge a stable management foundation from the beginning of the Authority's launch by making the most of the diverse experience and knowledge he accumulated in public office over almost 30 years. He pointed out that the talented human resources in IPA comprised experts from several fields Accordingly, while giving priority to minimizing trial and error as well as conflicts, he plans to develop IPA's organization culture and working mode. To this end, the newly-elected president committed himself to achieving certain goals and setting certain targets for IPA employees to execute, adding that the company would also spare no effort in supporting employees' education and training. Last but not least, he said that provided IPA resolutely discards those things which are not directly beneficial to the operating efficiency of Incheon Port and its customers, it can significantly boost the port's competitiveness. Bright potential energy due to geographical proximity to China President Suh sees bright prospects ahead for Incheon Port, saying that the port has a number of strengths, particularly its favorable location as a gateway to the Seoul Metropolitan Area, high name awareness of the port, rear distribution network of local industrial complexes, profound accumulated port operation know-how, superb. human resources, and a transportation network with easy access to Incheon International Airport. Therefore, Suh pointed out, as cargo traffic within this Pan-Yellow Sea Rim region is on the increase thanks to the rapid growth of the Chinese economy and personnel as well as material exchanges are on the rise due to its geographical proximity with China, these elements are combining to offer exciting opportunities for Incheon Port. With regard to the newly-opened Gaesung industrial complex in North Korea, the IPA president added that there is no choice for Gaesung but to select Incheon Port as its gateway, adding that Incheon Port can serve as an advance base in preparation for the era of the unification of North and South Korea. IPA's vision in the 21st century is to transform Incheon Port into a port logistics network hub in Northeast Asia, offering service that is second to none in the world. To make this a reality, IPA president Suh said he is committed to leading Incheon Port into becoming a vital port of the Pan-Yellow-Sea Rim through port infrastructure expansion by 2011, after initially concentrating his efforts on preparing the management groundwork in the short term. By then, the president concluded, IPA would be transformed into a port that offers top-notch all-round logistics services by constructing a logistics network with global competitiveness.