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IFEZ Declares ‘2040 Vision’! Value Up Strategy and Innovative Growth Strategy to Accelerate the Real
  • Date 2024-12-28
  • Hit 27

IFEZ, declared 

‘2040 Vision’!

Value Up and 

Innovative Growth Strategies to Accelerate the Realization of a Global Top 10 City


The IFEZ in its 2040 Vision Declaration Ceremony, reflected on its achievements over the past 21 years. It has transformed Songdo, Yeongjong, and Cheongna into world-class cities with business infrastructures. It all started with the ingenious idea of creating a city by reclaiming land from the sea, while outlining the vision for the next 20 years. In March, the ‘IFEZ Vision Strategy 2040 Task Force,’was established, comprised of IFEZ executives and employees. They presented a new blueprint for the future based on employee surveys, internal & external environment analyses, and consultation with experts. With their purpose clear, the IFEZ marches forward, ready to face any challenge the future might bring.




Declare a four-year vision and dual-track strategies to move forward into the “IFEZ 2.0 Era”


Envision the future for IFEZ 2040 with value enhancing and innovative growth strategies


The first year to look back on the past 20 years and open up the next 20 years




IFEZ 2040 Vision Forum

The 21st anniversary celebration kicked off with the ‘IFEZ 2040 Vision Forum,’ with the theme ‘IFEZ’s challenges to become a global top 10 city.’ Session 1 and 2 featured presentations and discussions on “Global Business Hub, IFEZ Vision 2040” and “IFEZ’s Strategies to Leap to a Global Top 10 City,” respectively.

In the first session, Bae Ki-won, CEO of Caleb & Company, gave a presentation on ‘Preparing for the Future to Move Toward Sustainable Development of the IFEZ,’ analyzing the current situation, saying, “The IFEZ has key success factors such as its prime location in a city with an international airport, the advantage of being the first and largest in Korea, a business innovation ecosystem based on bio-clusters, and living conditions fit for a global city.”

However, he added, “We need to review investment attraction strategies, secure momentum for sustainable growth, and improve the quality of living from the perspective of customers,” and emphasized the need to “aim for global competitiveness to provide new breakthroughs for investment and innovative growth.” He also presented the vision of “IFEZ, the center of business innovation created by global companies and talents,” based on the four core values of communication, execution, global power, and professionalism established by the Incheon Free Economic Zone Authority (IFEZA) and gave four major challenges and strategic initiatives.

The four major challenges include ▲Securing growth momentum ▲Reviewing investment attraction strategies ▲Fostering region-specific development ▲Improving regulatory frameworks.

The eight strategic initiatives are ①Expanding global investment infrastructure ②Increasing R&D investment ③Attracting APAC regional headquarters ④Securing advanced tech companies and talent ⑤Establishing aviation and logistics clusters ⑥Creating tourism and leisure complexes clusters ⑦Promoting ESG flagship projects (e.g. The Garden Songdo) ⑧Leading a global innovation ecosystem.

The discussion, moderated by Han Sang, former Director of Incheon’s World-Class City Planning Office and now an honorary professor at Department of Architectural Engineering of Inha University, featured an engaging debate. Panelists included Ki Yoon-hwan, Senior Research Fellow at the Incheon Institute; Kim Ching-woo, Editor-in-Chief of Incheon Ilbo; Lee Kyung-tae, Professor at Yonsei School of Business; and Jung Hyung-gon, Senior Research Fellow at the Korea Institute for International Economic Policy.

In the second session, Yoon Seok-jin, head of the Global City Research Division at the Incheon Research Institute, received enthusiastic applause for his presentation on “Development Path and Leap Innovation for Global City IFEZ,” diagnosing the characteristics of Incheon’s economic development and presenting policy suggestions for its growth as a global city.

Oh Joon-seok, dean of the College of Economics at Sookmyung Women’s University, followed with a presentation on “Destination Incheon as Investment Facilitation Strategy,” adding expertise to policy direction setting.





IFEZ 2040 Vision Declaration Ceremony

The IFEZ 2040 Vision Declaration Ceremony continued with congratulatory speeches, the presentation of the IFEZ 2040 vision, and vision performance. Commissioner Yun Won-sok announced the IFEZ 2040 vision, a future-oriented roadmap for 2040. He highlighted the achievements of Incheon Free Economic Zone (IFEZ) 1.0, marked by land reclamation and urban development, and announced four major visions as they approach the IFEZ 2.0 era.

The four visions for the 2.0 era are ①Transforming from a leader to an innovator ②Shifting from a gateway to a destination and starting point ③Moving from a manufacturing-based economy to a tech and cultural economy ④Becoming a global top 10 city. To strengthen global competitiveness and achieve sustainable growth, he highlighted that the IFEZ will open the era of IFEZ 2040, creating new value based on two strategies: ▲ Value Up and ▲ Innovation Growth, beyond existing development models.

The value-up strategies to enhance the value of existing ongoing businesses are as follows: First, the IFEZ plans to further strengthen the high-tech medical industry by expanding the existing manufacturing-based bio and healthcare industries focusing on R&D to create high added value, and expanding production in the biomaterials, parts, and equipment industry and digital healthcare as well as new drug development.

Second, the ongoing mega-project development will be upgraded to a level befitting a global top 10 city. In order to do this context, the INEX at Songdo District 6-8 aims to attract global trade centers and companies, while the project for creating an aviation complex on Yeongjong Island, seeks to create jobs by attracting major companies.

Third, the IFEZ plans to expand the “Hansang (overseas Korean businesses)” global network, connecting the world and Korea as an economic hub. This will establish a Hansang cooperation platform, support global startups, and activate the MICE industry to create economic value

Commissioner Yun emphasized the need for disruptive innovation growth strategies to create a game-changing breakthrough. For the first task, he announced plans to expand the free economic zone to secure new growth engines. The southern part of Ganghwa Island will be developed into a “green bio cluster,” and Yeongjong Island’s second dredged soil disposal site will be transformed into a complex marine tourism & leisure city. The strategies also include balanced growth with the old downtown by redeveloping the inner harbor.

Second, the IFEZ will play a leading role in developing K-content. It will strengthen its already competitive global advantage in content production, distribution, and consumption by creating video production infrastructures, including studios such as the Cheongna Video Culture Complex. This will allow Incheon to become more than just a ‘gateway city’ but a ‘destination’ to realize the vision of transforming cultural and creative industries.

Third, as a strategy for creative destruction, IFEZ will focus on drastic regulatory reform and customized incentives. The plan includes streamlining administrative procedures, revising the Free Economic Zone Act, and strengthening support for attracting reshoring companies.

Lastly, the IFEZ aims to achieve an economy where everyone benefits through the shared growth of the Yeongjong, Cheongna, and Songdo areas, along with the old downtowns of Ganghwa, Jemulpo, and Namdong.

Yun said, “The IFEZ will grow into a future city where global companies and talents gather by fostering a global innovation ecosystem focusing on bio, digital healthcare, and K-culture by 2040.” He also emphasized the IFEZ's progressive vision, focusing on Value Up and Innovation Growth.





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