IFEZ Declares ‘Smart City Vision’ at CES 2025

Commissioner Yoon Won-seok of the Incheon Free Economic Zone Authority (IFEZA) announces a future vision through smart city services and smart initiative on the sidelines of CES 2025 on Jan. 7.

The Incheon Free Economic Zone Authority (IFEZA) declared a “smart city vision” at CES 2025, the world’s largest IT and electronics fair.

IFEZA opened “INCHEON-IFEZ” promotion pavilion, covering 139 square meters, at the North Hall AI Zone of the Las Vegas Convention Center on Jan. 8 and proposed opportunities for participants to experience a sustainable urban future.

The pavilion, titled under the theme “Urban Renaissance, Building a Future City with Today’s Technology,” is classified into four sub-themes: health and safety: urban intelligence; ecology harmony; and advanced technologies.

During the fair, IFEZA conducted a global networking. The authority discussed ways of promoting cooperation with startups in Incheon and global companies at the “All Connected Incheon Nigh” event on Jan. 7.

LG Electronics, Lotte Innovate and Korea Stanford Center Korea shared IFEZA’s smart city knowhow on Jan. 8, while IFEZA invited some 30 global investors and introduced Incheon’s startup technologies on Jan. 9.

In his video message, Incheon Mayor Yoo Jeong-bok said, “Incheon is creating a sustainable city harmonizing technology, human being and the environment in cooperation with the global community.”

IFEZA Commissioner Yoon Won-seok said, “We will be a global smart city leader by sharing smart city models, specialized only by IFEA, nurturing innovative startups and building a bio cluster.”

Commissioner Yoon Won-seok revealed IFEZ’s vision and outcomes at “IFEZ 2040 Vision Forum and Declaration Ceremony, marking the 21st anniversary of IFEZA last Oct. 15. (Photos: IFEZA)

‘IFEZ Aims to Achieve Sustainable Growth and Innovation’

IFEZ obtained the top grade in an evaluation of free economic zones across the nation, conducted by the Ministry of Trade, Industry and Energy, for the sixth consecutive year.

The feat leads all free economic zones in Korea. IFEZ is the sole entity to establish the record among the nine free economic zones.

In an interview with a news agency on Jan. 17, IFEZA Commissioner Yoon said, “despite hard economic conditions, we’ve achieved $605.5 million in foreign direct investment last year, surpassing the goal.”

He evaluated that IFEZ had laid a foundation to make a leap forward in 2025 or after by implementing large-sized projects and attracting global companies.

IFEZ, reaching 90 percent in the development rate, has attached top priority to sustainable growth and innovation.

Commissioner Yoon stressed the opening of “IFEZ 2.0 Era,” saying that the IFEZ 2040 Vision was declared at the Citizens’ Day in 2024 and value-up and innovative growth have been set as core strategies.

“IFEZ will ramp up global competitiveness and make it a city growing with citizens, and we will make efforts for sustainable development,” he said.

.As for major policies, to be implemented in 2025 and their direction, Commissioner Yoon said, IFEZ set four strategies: creating an industry ecosystem for innovative growth, attracting investments in core strategy industries, building a sustainable free economic zone and constructing citizens’ happiness city raising the quality of life.

In particular, he said that IFEZ plans to build an ecosystem for innovative growth by shifting a quantitative growth into a qualitative growth while strengthening state-invested projects, such networking among industry, academia and research circles, R&D and manpower development.

He said that IFEZ is seeking to expand the scope of IFEZ, with the goal of ensuring regional balanced development, such as Songdo Landmark City and development of Cheongna International Office Zone, and being global centers of advanced future industries, he said.