A view of the Incheon Free Economic Zone (IFEZ) in Songdo, Incheon.

Commissioner Lee Won-jae of the Incheon Free Economic Zone Authority. (Photos: IFEZA)

The Incheon Free Economic Zone Authority (IFEZA) has pulled out all the stops to attract investments this year. To this end, the authority has designated 15 tasks based on three implementation strategies, including boosting efforts to attract strategic industries.

IFEZA has established a comprehensive plan to attract investments. The authority targets $600 million in foreign direct investment on a reporting basis this year.

IFEZA has decided to accelerate efforts to attract investments by overcoming the fallout of the COVID-19 pandemic.
IFEZA’s 2021 target of attracting $600 million was determined based on prospects that global FDI would decline up to 10 percent in 2021.

FEZs across the nation saw FDI plunge 11.8 percent on a reporting basis, and the pandemic is forecast to be protracted this year.

IFEZA’s two other implementation strategies are the building of an industrial ecosystem to cope with environment changes and building infrastructure to boost investment attraction, with a focus on innovative growth.

Among major tasks are the construction of an expanded Songdo bio cluster; the building of infrastructure for the innovative growth of new industries, incubating bio/health care industry; securing the supply chain of advanced parts and raw materials; building ICT convergence ecosystem related to a startup park; the operation of a business center for tenant companies; and exploring success stories of tenant companies.

IFEZA seeks to attract Korean and foreign companies in areas such as bio R&D/manufacturing, new industries, proprietary technology R&D centers, ICT convergence and parts and raw materials sectors, while striving to materialize projects of global and Korean logistics and distribution companies like a Starfield in Cheongna, a Costco in Chongna, a cold chain in Songdo and DB Schenker’s project.

Based on the outcomes of a commissioned service on the establishment of strategies of attracting investments conducted last year, IFEZA plans to finalize a long-term master plan and roadmap to attract investments by 2030.

The upcoming long-term master plan and roadmap are expected to gain momentum in attracting investments by suggesting new goals of attracting investments and how to achieve them to cope with outside and inside environment changes.

An IFEZA official said even though it is not easy to attract investments due to the protracting of the COVID-19 pandemic into this year, IFEZA will do its utmost to attract investments by diversifying investment attraction target companies and conducing hybrid marketing suiting the pandemic and strengthening administrative services for tenant companies.