IFEZ Journal

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Investment Attraction

Incheon Free Economic Zone Authority, KRW 50.1 billion in the first supplementary budget.

Incheon Free Economic Zone Authority secures a 3.4% increase in its budget.

The new monies will target infrastructure such as road facilities and parks, plus focus on Songdo, Yeongjong, and Cheongna projects.

The Incheon Free Economic Zone Authority will leap forward as a leading global business hub

Driving progress is a budget increase of KRW 50.1 billion ($37.3 million) from KRW 1,475.3 billion to KRW 1,525.4 billion.

The budget increase is the result of new supplemental funding.

Special account for Incheon Free Economic Zone project, largest ever

The supplementary budget was finalized at the regular meeting of the Incheon Metropolitan City Council held on June 28.

The Incheon Free Economic Zone Authority plans to promote projects that offer citizens a high quality of life and focus on establishing a global business center.

The supplementary budget came partly from Songdo and the sale of 20.9 billion won ($15.5 million) of electricity supply, Cheongna International City’s excess profit reinvestment of 21 billion won ($15.6 million), and other monies such as interest.

Expansion of infrastructure budget used by citizens, such as roads and parks

Allocations include an increase in infrastructure maintenance expenses for Songdo, including road facilities, which will be completed in August—the safety fence of the waterfront park and CCTV installation.

The basic plan for Songdo Moonlight Park, which has been promoted since 2023, involves investing money in the park golf course and creating the RC sports stadium.

In Yeongjong International City, monies will be allocated to Midan City Park Golmjang, Seaside Park Landscape Care Service Project, Park Maintenance, and Sky Culture Center operating expenses.

Promotion of projects for the Incheon Free Economic Zone

projects such as the IFEZ PR Center, which more than 150,000 people visited last year.

More specifically, money will be allocated for Songdo Central Park and for developing a master plan to create a cultural street where young people can stay and enjoy themselves.

In addition, the plans call for an increase in spending to promote the Yeongjong Seaside Park Experience Tourism Facility (Sky Bicycle, Exciting Tower) project, which will be opened at the end of 2025.

Cheongna monies will also reflect improving the Landscape Lighting Project (3 phases) in Cheongna Park.

Status of increasing the supplementary budget

To create a global business city, we will expand our investment attraction and organize and invest in projects to secure new growth industrial engines.

IFEZ will organize an Incheon Startup Park Fund to attract and support promising startups with high growth potential.

This includes IFEZ plans to invest in and nurture quality small, medium-sized, and venture-startup companies with fewer than seven years of history in the Incheon Free Economic Zone.

Meanwhile, Songdo was selected as a global bio-campus construction site organized by the Ministry of Health and Welfare. The WHO cooperation courses will be responsible for the global bio-human training hub.

In preparation for 2040, the IFEZ sustainable vision strategy was established to envision the future of the Incheon Free Economic Zone. To systematically secure lands compared to the demand for investment in the core industry in Songdo International City, the company will invest in an advanced industry cluster’s development plan and implementation plan.

This year, IFEZ’s FDI target was raised from

$400 million to $600 million, and the IR budget in Korea and foreign investment increased to expand its investment attraction.

In addition, the IFEZ plans to establish a plan to revitalize the development of the Young-Jong Complex Resort business in response to the cancellation of the Casino Resort (RFKR) Casino Preliminary Review.

Won Sok Yun, Commossioner of the IFEZ, said, “By promoting the projects that benefit from this additional budget, we will do our best to be a fascinating city with the best lifestyle--settlement conditions, and global competitiveness.”

Lotte Biologics, Songdo Bio Campus groundbreaking ceremony

Lotte Biologics Bio-Pharmaceutical R&D and Manufacturing Facility Establishment of the Songdo Advanced Industrial Cluster

On July 3, Lotte Biologics Songdo Bio Campus was held at the Songdo International City Advanced Industrial Cluster.

Lotte Biologics invests 460 billion won ($342.5) by 2030

In July, the Lotte Biologics Songdo Bio Campus groundbreaking ceremony was held. In attendance were Hwang Hyo-jin, Global Urban Political Affairs, Commissioner Won Sok Yun, IFEZ, Shin Dong-bin, Chairman of Lotte, and Lee Won-jik, CEO of Lotte Biologics.

Through additional investment by 2030, Lotte Biologics will strengthen its global-level biopharmaceutical manufacturing with three more biopharmaceutical production plants on the site.

In the case of one plant, producing cell lines to finished products will be possible. Small culture and finished pharmaceutical facilities for producing clinical substances will also be added. In particular, it will be possible to recoup savings in air conditioning by investing in equipment and recycling.

2025 construction of the Lotte Songdo Bio Campus

The Lotte Songdo Bio Campus will prepare to start construction in March 2025, aiming for commercial production in 2027. Lotte Biologics will also promote the Bio-Venture Initiative to develop and produce biopharmaceuticals and share them with bio ventures. It is expected to contribute to fostering the Songdo Bio-Industry by promoting venture tenants and annual spaces, technical support of global companies, and commercialization of accelerators (startup training institutions).

Investment of leading buyers and global raw and materials companies

In Songdo International City, leading bio companies such as Celltrion, Samsung BioLogics, and SK Bioscience, and global raw materials such as Merck, Satorius, and Cytiba and are large-scale R&D and manufacturing facility investments.

In addition, various national projects such as ‘The Bio Fair Human Resources Development Center’, ‘K-Bio Lab Hub’, and ‘Global Bio Campus’ have been promoted, securing the foundation for innovative R&D and excellent manpower supply.

Yoo Jung-Bok Incheon Mayor: “It will be a key anchor facility for driving the bio-industry around the world!”

In addition, on June 27, Songdo, Yeongjong, and Namdong Industrial Complex, Incheon Free Economic Zone, were designated as the “National Advanced Strategic Industry Bio Specialized Complex,” and it is expected that it will play a pivotal role in driving the national bioindustry.

In the congratulatory speech, Incheon Mayor Yoo Jung-Bok said, “Lotte Biologics’ Songdo Bio Campus will be a key anchor facility for driving the bio-industry worldwide beyond Incheon.” We will continue to support them so that they can shine in the global market.