‘IFEZ Focuses on Reinvigorating National Economy’

Commissioner Lee Won-jae of Incheon Economic Zone (IFEZ) Authority makes an inspection tour to mega project sites to ensure their safety on Jan. 21. (Photo: IFEZ)

Commissioner Lee Won-jae of Incheon Economic Zone (IFEZ) Authority said, “IFEZ, a center of innovative growth, will devote itself to overcoming the COVID-19 pandemic and reinvigorating the national economy. It will do so by accelerating projects to build an ecosystem of core strategic industries and completing development projects this year.”

Commissioner Lee delivered his New Year’s message, which also touched on last year’s business performances and tasks, to be implemented this year. He called for close cooperation with related organizations and communication with citizens and experts from several walks of life to gather wisdom, despite the hardships caused by the protracted pandemic.

Lee proposed four tasks for this year: Accelerating the establishment of the strong industry ecosystem designed to lead innovative growth through the settlement of the Incheon-type New Deal; establishing strategies to attract investments, spurring investment attraction, nurturing new industries and concentrating on building infrastructure in an era of easing restrictions against the pandemic; designing a future city with a competitive edge sympathized by citizens and foreign residents by building a global smart city with a top-tier settlement environment; and seamlessly implementing development projects with a focus on citizens’ convenience.

As for building the industrial ecosystem, IFEZ plans to establish an industry collaboration network between industry and academia circles to ramp up the competitiveness of the bio industry at Songdo Bio Cluster, a center of K-bio, inaugurate a platform to share knowledge and information and launch a project to build a bio process manpower center, a core infrastructure of the Korean New Deal along with Songdo Severance Hospital.

IFEZ plans to support programs tailored to meet demand at Incheon Startup Park, which opened two years ago, to make it substantial while diversifying programs of the innovative growth platform, a network between tenant companies and related institutions, and expand the scope of participants.

Second, IFEZ plans to revamp an online website into a demand-oriented one, allowing frequent consultations as part of strategies to attract investments, while working out steps to support tenant companies’ market exploration and supply chains.

IFEZ will strengthen efforts to attract investments in the new industries such as ICT convergence, hydrogen, and advanced parts materials while implementing projects to build future mobility and robot industry infrastructure such as a connected car materials/parts certification and evaluation center and a robot verification support center, building a collaboration regime with related bodies to nurture the aircraft maintenance, repair and overhaul (MRO) industry and support global logistics firms’ facility investments.

IFEZ also plans to fully support financial, logistics anchor firms’ projects such as Hana Financial Group’s Dream Town Phase III Project and the launching of the Cheongna Costco Project, the construction of the Cheongna Starfield and the construction design of the Lotte Mall Songdo.

Fourth, IFEZ plans to implement the Art Center Incheon Phase II Project, coupled with the design of a future city with a competitive edge, as well as diverse tourism infrastructure projects such as the expanding of culture and tourism content related to K-pop.

IFEZ will design a convenient and safety future city by completing each stage of the Songdo Waterfront project and developing and offering diverse services citizens experience based on the building of smart city infrastructure.

Lastly, as for development projects focusing on citizens’ convenience, IFEZ will actualize the construction of the third suspension bridge, which was launched last year. The authority will concentrate on expanding core infrastructure such as the construction of the GTX-B Line.

IFEZ plans to normalize the Landmark City projects’ 6-8 zones, which were put on hold, and actualize Cheongna Medical Multi-purpose Town, and Cheongna City Tower projects.