IFEZ Journal

IFEZ, Declared the ‘Incheon Smart City Summit Initiative’

- Signed multilateral agreements with 10 cities in six countries, including Mombasa, 

a port city in Kenya; Dakar in Senegal; and Konza Technopolis in Kenya

- Pledged to jointly respond to some issues such as spreading smart city models and supporting related startups and improving public health

On November 12, Commissioner Yun Won-sok, leading the IFEZ, held the ‘Incheon Smart City Summit 2024’ at Arirang Hall, Gyeongwonjae, and officially declared the ‘Incheon Smart City Summit Initiative,’ aiming to promote the development of smart cities and global cooperation. More than 100 representatives from domestic and international cities, public institutions, academia, and startups participated in the summit. Among them, 10 global cities joined the initiative, signing a multilateral agreement to collaborate on smart city solutions and respond collectively to global challenges.

Led by Incheon, cities including Mombasa, a port city in Kenya; Dakar in Senegal; Mumbai and Uttar Pradesh in India; Konza Technopolis in Kenya; Benue State and Zamfara State in Nigeria; and Lusaka and Lukomo City in Zambia have joined forces. These cities plan to share and develop solutions tailored to their unique characteristics based on Incheon’s successful smart city model while collaborating to exchange smart city technologies and expertise through international cooperation.

Commissioner Yun Won-sok said in his opening speech, “Smart cities are no longer a concept for the future, but a reality for us today. Through this summit, we aim to open pathways for solving the problems faced by each city together.” In addition, the ‘Incheon Smart City Summit Initiative’ includes ▲Providing smart city models ▲Facilitating exchange and collaboration among startups ▲Promoting international cooperation on public health crises.

The initiative focuses on sharing Incheon’s experiences in building and operating smart cities with partners worldwide. It will improve the quality of life of citizens and enhance public health outcomes through ICT and sustainable urban management techniques. It will also support other cities to effectively implement their own smart city models based on technologies applied by companies in Incheon.

This initiative will be of much benefit to partner cities, providing assistance to startup incubators, allowing them to grow within smart cities and deliver and implement innovative ideas; helping them to attract and hire talents; and holding competitions in the healthcare and bio-industry sectors. This will help balance the startup ecosystems across cities and enable such startups to contribute to solving urban problems in their cities.

The initiative will use the infrastructure of the K-Bio Lab Hub in Songdo to help public health experts and researchers in developing and fragile countries access the latest technologies and equipment needed for virus research and vaccine development. This will help the international community cooperate in overcoming public health crises such as pandemics.

Incheon Opened Doors to Global Collaboration 

through the Smart City Tech Conference

- The IFEZ announced joint projects with Microsoft; 

9 startups participating in CES 2025 held a showcase

- A platform for global collaboration with over 200 attendees from global tech companies, experts, and startups

- Presentation of a ‘vision for smart city innovation based on artificial intelligence (AI)’

The IFEZ (Commissioner Yun Won-sok) at the ‘Incheon Smart City Tech Conference’ held at Incheon Startup Park on November 13 said it was a real breakthrough moment, marking the beginning of global cooperation between global tech companies and startups. Under the theme of “AI-Driven Smart Cities,” the conference aimed to look for ways forward for future smart cities utilizing AI technologies and discuss the potential for technological and business innovation through global collaboration.

① The IFEZ signed a partnership agreement with Microsoft... collaborating to nurture unicorn companies

At the event, the IFEZ and Microsoft unveiled a joint project and signed a partnership agreement. Both parties have set a goal to discover promising startups in Incheon and nurture at least two unicorn companies over the four-year period from 2025 to 2028. Under this agreement, five selected startups will gain access to Microsoft’s advanced cloud technology. Microsoft will also provide a total of KRW 1 billion (up to KRW 200 million per startup) through a support package including cloud credits, one-on-one expert mentoring, and networking opportunities with key partners. The IFEZ will further support these companies through a global expansion program, offering investment networking events, legal and investment consulting, and promotional assistance.

② Global Tech Company session: Microsoft unveiled its AI Smart City strategy

Choi Ju-Yeol, head of Microsoft’s Digital Startup Business, presented “Microsoft’s Strategy for AI-Driven Smart Cities.” In this session, he introduced a range of smart city solutions, showcasing how cloud solutions and AI technologies enhance city infrastructure management for safer, more convenient urban living.

③ Startup session: Presentations by young innovators leading smart city technology

In the Startup Session, innovative startups from various fields shared their cases of digital twin-based smart city development and AI-driven innovation in traditional industries.

Notable among them was Park So-a, Vice President of OKESTRO, who outlined how to build a smart city using digital twin technologies, attracting a lot of interest. Other participating startups that have transformed traditional industries with AI included AIOFARM (CEO Kwak Ho-jae), SIJE (CEO Shin In-joon), and NEXTPAYMENTS (CEO Ji Kwang-cheol). They all shared various success stories of transforming traditional industries through AI technologies.

④ Pre-CES 2025 IR Session: Connecting Startups with Global Investors

Additionally, the “Pre-CES 2025 IR Session” was held, showcasing companies set to participate in the “CES 2025 Incheon/IFEZ Pavilion.”

9 promising startups that have developed innovative technologies in various fields showcased their products and services, including a performance drone system (Pablo Air), a blockchain-based food tracking service (Future Sense), an urban energy management system (NineWatt), an automated water quality management system (Sheco), and healthcare trackers for cats (PurrSong). In addition, Biz Matching (investment counseling) was held to connect cities and organizations participating in the Incheon Smart City Initiative.

The conference was an important milestone at which global companies, experts, and startups gathered in Incheon to envision the future of smart cities based on AI and advanced technologies. The IFEZ will continue its efforts to lead the future of sustainable smart cities based on various global collaborations, reinforcing its position as a hub of technological innovation.