[IFEZ Newsletter Vol.10]
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Introducing the new commissioner
of the Incheon Free Economic Zone(IFEZ),
Dr. Yun Won Sok.
Dr. Yun formerly served as KOTRA’s Executive Vice President as well as President of Hancom Group and brings a plethora of knowledge to his new post.
His responsibilities include growing the IFEZ and its neighboring areas as well as attracting international investments. Dr.Yun plans to develop Incheon into a world-class city over the next three years by encouraging international and domestic investments in bio healthcare, smart logistics and distribution, tourism, leisure, and AI, smart manufacturing.
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- The Incheon Free Economic Zone (IFEZ) has reported that the total sales of its resident companies reached nearly 106 trillion won ($80.5 billion) with 3,821 enterprises and 110,557 employees.
- IFEZ has attracted international investors that include 224 enterprises, 38 trillion won ($28.8 billion) in sales, and employs 35,150 people.
- The IFEZ is focusing on four core strategic industries: aviation logistics, bio-healthcare, tourism services, and smart manufacturing, which currently attracts 347 companies employing 21,693 workers, with 18 trillion won ($13.6 billion) in sales.
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Incheon City's debut at CES 2024 in Las Vegas garnered substantial attention, showcasing its vision for a smart city powered by AI and robotics
Key highlights include:
Investment Interest:
Wind Power Project by Ostead initiated at the offshore of Incheon
Therme Group’s commitment: EU-based Therme has shown their full commitment for the Therme Group Korea's wellness resort project to be located in the Songdo Golden Harbor.
Mayor Yoo Jeong-bok's proactive approach and Incheon's innovative initiatives underscore its potential for future growth and development. |
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🚶♂️Pedestrian Walkways and Bicycle Lanes:
The Third Bridge isn't just a crossing—it's an experience, with dedicated paths for walkers and cyclists, setting it apart from the rest!
🎢Experiential Tourism Facilities:
Adventure awaits at Yeongjong Seaside Park! Sky bikes, thrilling towers, and more await your visit.
🚴118 km(73 miles) Bicycle Path Project:
Cycle along the scenic coastline on the upcoming bike path!
It's a cyclist's paradise, boosting the local economy.
🌟Reduced Tolls, Better Access:
Enjoy lower tolls and improved access for leisure and tourism, making exploration easier for all. Join us on this exciting journey as we build "the bridge" to a brighter future together in Yeongjong International City!
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- Construction and Collaboration:
- Exciting progress is underway in construction of the KBSI metropolitan Integrated Center in Incheon!
- The three-party agreement solidifies collaboration between Incheon City, IFEZ, and KBSI.
- Research Integration and Synergy:
- The KBSI Metropolitan area Integrated Center will connect KBSI’s regional centers.
- Massive investment: 45.7 billion won ($34.7 million) in combining national, local, and private funds.
- Investor opportunity: KBSI to foster lucrative collaborations with Incheon's
leading companies and universities.
- Enhancing Competitiveness:
- The project is set to be finished in 2026 in the Songdo District 4
- Investors are ready to take advantage of the growing competition in the global
bio industry thanks to KBSI’s cutting-edge infrastructure. |
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- Cheongna Medical Complex Town signed Land Purchase Agreement
- Seoul Asan Medical Center, Cheongna Medipolis PFV, and the IFEZ all signed an
agreement acquiring this property in Cheongna International city. The land purchase
covers 64 acres and was for appox. 260 billion won ($190 million).
- Facilities : General hospital, Life Science Park, Senior Cluster, Meditel and
business facilities
- Inauguration of Deep Tech Regulatory Sandbox.
- Aims to foster innovation in sectors such as gaming, block chain, AI, and the metaverse.
- This allows companies to test and verify services without regulatory constraints.
- Innovation Unleashed : Deep Tech Industry receives regulatory exemptions for STOs, NFTs, and Virtual Assets. |
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Interested in learning more about the opportunities IFEZ offers?
Incheon Free Economic Zone
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