- Incheon Research Institute analysis suggests greater social benefits and a rise in tourism demand resulting from lower toll fares -
As of October 1, the economic ripple effect of exempting Yeongjong, Yongyu, and Bukdo-myeon (Ongjin-gun) residents from paying tolls levied on Yeongjong Daegyo and Incheon Daegyo Bridges is expected to reach KRW 5.5 trillion and also generate more than 20,000 new jobs.
Incheon Metropolitan City (Mayor: Yoo Jeong-bok) says that from October 2023 to the end of 2039, lowering and altogether eliminating toll fares for Yeongjong and Incheon Daegyo Bridges could yield social and economic benefits of up to KRW 5.5 trillion and more than 20,000 new jobs driven mostly by a sharp increase in demand for leisure and tourism on Yeongjongdo Island.
<February 18 (Tue), 2023 - Incheon Mayor Yoo Jeong-bok hosts a press conference on toll fares for Yeongjong/Incheon Daegyo Bridges at the Seoul Government Complex>
The City used the insights it gleaned from simulations on future traffic volume once the toll fares were either lowered or abolished for the locals, and it also used credit card transaction data in the Yeongjongdo area to forecast how much added production, added value, and employment it can expect going forward.
Incheon says user toll savings and leisure/tourism sector-induced demand on industrial production could yield KRW 2.5 trillion and KRW 1.9 trillion, respectively, in economic benefits. Tourism sales could grow by KRW 940 billion, and social benefits stemming from using more efficient routes could be as high as KRW 160 billion. Analysis showed that getting rid of toll fares could generate 21,000 new jobs as well.
Incheon City Transportation Director Kim Jun-seong said, “Thanks to our recent research, we were able to get a more concrete idea of what type of direct and indirect socio-economic benefits our decision to lower and eliminate toll fares could bring to the local community.” Kim added, “We plan on promoting the fact that people can drive across both bridges at a much lower cost to not only our locals, but also people across the country to ensure better access to Incheon International Airport, and to help stimulate the growth of local tourism in the Yeongjong area.”
