IFEZ Spearheads Efforts to Make Incheon a Top-Tier Metropolis

Incheon Mayor Yoo Jeong-bok, Commissioner Kim Jin-yong of the Incheon Free Economic Zone (IFEZ) and Dieter Strobl, R&D director with BMW Group Korea attend a meeting at Incheon City Hall on Feb. 17 in which BMW Korea and LH struck a rental deal on the site of BMW Korea R&D Center, to be dedicated by 2024. (Photos: Incheon Metropolitan City)

Commissioner Kim Jin-yong of the Incheon Free Economic Zone (IFEZ) stressed the importance of leading roles to make Incheon a top-tier metropolis.

In his New Year’s message delivered at G Tower in Songdo International City on Jan. 3, IFEZ Commissioner Kim said, “The sagging global economy, caused by major countries’ monetary tightening, has an impact on the Korean real economy, exacerbating hardships, and I urge all staffers to achieve the best outcomes by defining goals, organizing resources and mustering all energies.”

IFEZ suggested tasks the authority will implement: building an industry ecosystem to become a top-tier metropolis, leading innovative growth by attracting investments related to core strategic industries, building a sustainable free economic zone, and making a city bringing happiness to citizens.

First, as for building an industry ecosystem, IFEZ plans to push ahead with R&D to nurture the K-content industry, expand a bio cluster in Songdo, and invest in startups related to the 4th Bio Industrial Revolution and offer support to their overseas market entry.

The authority will also lead innovative growth by dedicating Inspire Entertainment Resort this year, pushing the go-ahead to the Cheongna Video-Culture Complex, conducing a public contest of an international school in Yeongjong and implanting a project related to a bio process manpower development center.

In the category of constructing a city bringing happiness to citizens, IFEZ plans to implement the Songdo Water-front Project and build the second phase of Art Center Incheon on the top of the construction of a remote control car sports stadium using untapped parks.

Commissioner Kim called for making IFEZ a global top-tier city by communicating with citizens and listening to their views and implementing tasks in a way people can feel happy.

Looking back at last year’s achievements, IFEZ cited IFEZ becoming the nation’s first free economic zone to be honored with a top grade for the fourth consecutive year, striking deals on land transactions with Samgsung Biologics and Sartorius, actualizing the Cheongna medical complex project, launching the Songdo Severance Hospital Project and implementing the 3rd Landing Bridge and Songdo Water-front Project.

IFEZ said on Feb. 14 that Sartorius, a German bio multinational company, launched a project to build a production and R&D center in Songdo International City. A bird’s-eye view of Sartorius’ R&D Center.

IFEZ’s Innovate Growth Bid Pays Off in 2022

Amid difficult investment conditions, such as global inflation and interest rate hikes, the Incheon Free Economic Zone (IFEZ) saw investment attraction reap fruit based on innovative growth last year.

IFEZ’s foreign direct investment (FDI) attracted $358 million shy of the $600 million goal last year.

Those efforts were challenged by impacts of the Russia-Ukraine war and difficult investment conditions such as global inflation and interest rate hikes, plus declining industry land sites.

But investments by Korean companies gained ground. As the development of IFEZ is approaching the final stage, the authority has changed its paradigm from FDI-oriented one to innovative growth-centered one.

IFEZ attracted only three companies for the five years until 2021, but the authority managed to attract as many as seven Korean firms.