IFEZ Journal

Dear citizens of Incheon and Songdo, Yeongjong, and Cheongna International Cities! It has already been 20 years since IFEZ opened. Songdo, Yeongjong, and Cheongna International Cities, which were built by filling the vast tidal flats, laying the foundation, and erecting buildings, have now grown into cutting-edge global cities. These cities are now expanding into a free economic zone to represent Korea and a future-oriented global spot attracting attention from all corners of the world.

Under the vision of becoming a global business frontier, IFEZ aims to take a new leap forward after 20 years as a free economic zone in order to realize a world-class city. To achieve this, IFEZ is implementing essential strategies to develop an industrial ecosystem, drive innovative growth by attracting investment in key strategic industries, realize a free economic zone capable of sustainable development, and create a city that pursues the happiness of its citizens.

IFEZ is establishing itself as a global bio city with companies like Celltrion, Samsung Biologics, SK Bioscience, and Lotte Biologics. In addition, it is attracting or pursuing cooperation with leading domestic and overseas companies, such as Sartorius, Fashion Group Hyungji, Thermo Fisher Biomedical Logistics Center, Cheongna BMW R&D, Severance Hospital, and Cheongna Medical Complex Town. To realize a business city that attracts more companies, IFEZ operates Inspire Entertainment Resort, Cheongna Film Culture Complex, Cheongna Hana Dream Town, Cheongna Costco, Cheongna Starfield, startup-development support, and K-Bio Lab Hub/Bio Process. We are also building various pieces of infrastructure, including a human resources training center and a robot-verification support center.

Building educational infrastructure is another goal we pursue in line with our status as an international city. In addition to existing international campuses, including IGC, Calvin Manitoba International School (Canada) has opened in Songdo, and a competition is scheduled to attract an international school to Yeongjong. In addition, discussions are ongoing to secure foreign educational institutions, such as by attracting top-100 overseas colleges and research institutes affiliated with prestigious global universities. Infrastructure for a future city where citizens radiate happiness will also be expanded. IFEZ is still pursuing the construction of the Incheon 3rd Bridge, GTX-B, Songdo Waterfront, and Phase 2 Arts Center, paying close attention to the opinions of residents and experts along the way.

IFEZ’s challenges and achievements were also recognized by the government’s official evaluation. The Ministry of Trade, Industry, and Energy evaluates the performance of FEZ Authorities across the country every year. With the 2022 performance evaluation, IFEZ received the highest grade, S, for a fifth consecutive year. This comes as the result of recognition for IFEZ, which has long fostered strategic industries suited to the local environment and attracted diversified investments. IFEZ also shows superior performance in foreign direct investment (FDI) compared to other free economic zones.

In this way, IFEZ has worked hard to grow into a global city over the past two decades Now is an important time to plan for the next 20 years. We want to take a greater leap forward in accordance with our seven future visions: Life Science & Health Care City, Global Education City, Future Smart City, K-Content City, Startup Venturepolis, International Financial City, and Tourism and Leisure Hub City. I would like to thank the citizens and all stakeholders for their generous support over the past 20 years. In the future, Incheon will strive to take the lead in becoming a top-tier city on par with Singapore and Hong Kong. Thank you!