IFEZ Authority Holds Meeting on Revitalization of Local Economy

Participants, including IFEZ Commissioner Yun Won-suk, pose after they held a breakfast meeting with the Yeonsu Songdo Business Council (YSBC), an organization of local business people, at Gyeongwonjae Hotel in Songdo International City on Oct. 16. (Photo: IFEZ)

The Incheon Free Economic Zone (IFEZ) Authority announced on Oct. 16 that it held a breakfast meeting with the Yeonsu Songdo Business Council (YSBC), an organization of local businesspeople, at Gyeongwonjae Hotel in Songdo International City.

The meeting was held to strengthen communications and cooperation with companies. It was attended by about 20 officials, including IFEZ Authority Commissioner Yun Won-suk and YSBC Chairman Choi Ho-jin.

The IFEZ Authority and the YSBC discussed various topics, such as current issues the companies are facing and investment attraction projects.

Established in July 2011, the YSBC consists of about 140 companies and organizations in Yeonsu-gu and Songdo of Incheon.

In August 2021, the YSBC signed a business agreement with the IFEZ Authority to explore cooperation for the development of both organizations and local communities.

“Cooperation with the YSBC and revitalization of the local economy is essential for the development of the Incheon Free Economic Zone,” said Yun Won-seok, commissioner of the IFEZ Authority.

“We will continue to communicate with the companies for win-win growth between the IFEZ Authority and the YSBC.”

Since its designation in 2003 as Korea’s first free economic zone, the Incheon Free Economic Zone has grown into a global city housing more than 400,000 residents, 3,300 businesses and 14 international organizations.

Smart Transportation Infrastructure

The IFEZ Authority announced on Oct. 10 that it has secured 700 million won in government funding after being selected for a demonstration project to build a vehicle-to-network (V2N)-based experiential safety service using its own communication network.

It inked an agreement with the National Information Society Agency (NIA) and LG Electronics on Oct. 7 to implement the project.

The project aims to substantially improve traffic accident prevention and citizen safety by utilizing next-generation communication technologies for local governments that operate their own communication networks.

The IFEZ Authority is planning to strengthen its smart city service infrastructure and introduce advanced services for the purpose of boosting traffic safety through this project.

This service which utilizes V2N communication technology provides traffic safety information by analyzing movement information of vehicles, pedestrians, motorcycles, and bicycles in real time.

The technology will be implemented by connecting the Soft V2X Solution developed by LG Electronics to the IFEZ Authority’s communication network.

By the end of this year, smart infrastructure facilities will be built at three intersections near POSCO High School in Songdo, and functions will be introduced to warn of collision risks between vehicles and pedestrians when approaching intersections in advance and to alert drivers when entering child protection zones.

In addition to the IFEZ Authority, the governments of Gyeongsan and Gimcheon were selected for the demonstration project.

Songdo has a communication network which is about 300 kilometers long so is running it as a smart infrastructure communication line.

Recruitment of Companies to Participate in CES 2025

The IFEZ Authority announced on Oct. 16 that it will recruit Incheon-based startups to visit and look around Consumer Electronics Show 2025 (CES 2025) to be held in Las Vegas in January 2025.

CES 2025 which will be held from Jan. 7 to Jan. 10, is the world’s largest information and communications expo organized by the Consumer Technology Association (CTA).

It is an event where visitors can see and experience the latest technologies and market trends.

The Incheon delegation program is designed to provide startups that have the technology and capabilities but have difficulty participating in exhibitions with an opportunity to make a foray into the global market.

The IFEZ Authority will recruit 15 or so companies. Its targets are companies with global innovative technologies with headquarters, factories, research centers, or branches in Incheon.

Selected companies will pay only 50 percent of their employees’ round-trip airfares and receive free tickets to the exhibition.

Their employees will take a floor tour of the exhibition center, receive preliminary education, have on-site meetings based on business matching, and participate in networking events.

Applications are available online at the Incheon Startup Park website by Oct. 23.