IFEZ - Business

Business

Creating New Values Based on Two Strategies: Value up and Innovative Growth

Date 2025-03-26
Hit 42

First Steps into the ‘Era of IFEZ 2.0’ ‘AGE OF A NEW VISION’

IFEZ (led by Commissioner Yun Won Sok) has led the way in the era of IFEZ 1.0 with the reclamation of tidal flats and urban development. Now, it is ready to leap into the brand-new era of IFEZ 2.0. Accordingly, Commissioner Yun announced four major visions for the next step at the “IFEZ 2040 Vision Declaration Ceremony” held last year, celebrating the IFEZA’s 21st anniversary. The four major visions include: ①Transforming from a leader to an innovator! IFEZ now seeks to transform itself into a city that drives innovation, beyond just being a leader. ②Shifting from a gateway to a destination and starting point! IFEZ seeks to become a destination for people to stay and a new place to start, going beyond its role as a port gateway. ③Moving from a manufacturing and trade-based economy to a tech and cultural economy! IFEZ seeks to transition into an economic structure driven by technology and cultural industries, moving away from the traditional manufacturing and trade-driven economy. ④Becoming a top 10 global city! IFEZ seeks to grow into a top 10 global city with global competitiveness. IFEZ has taken a step into the era of IFEZ 2.0 with the aforementioned four visions.

Strategies for Strengthening Global Competitiveness and Achieving Sustainable Growth

What Strategies Will Help IFEZ Move forward? IFEZ has put forward two major strategies to strengthen its global competitiveness and achieve sustainable growth: first, “Value up” which adds new values to the conventional development model to enhance the region’s competitive edge; second, “Innovative Growth” which drives growth through creative and innovative means. Based on these strategies, IFEZ has set out its ambitious visions for the era of IFEZ 2.0, leveraging its foundation to create new values beyond the conventional framework.

1. Value Up

“Value up” represents the strategy to further enhance, the values of conventional businesses, and it is being implemented in three ways:

First, Age of New Bio!

IFEZ aims to expand the conventional bio industries by shifting the focus from a manufacturing base to R&D in order to create high added value in bio and healthcare sectors. It also plans to further strengthen the competitiveness of the advanced medical industry by expanding production in bio Materials, Components, and Equipment (MCE), as well as digital healthcare, going beyond simply developing new drugs.

Second, Age of New Projects!

IFEZ aims to elevate the ongoing large-scale development projects to world-class levels, transforming them into those worthy of a top 10 global city. For example, “INEX,” located in Songdo District 6-8, was planned as a global trade center to attract international companies. In addition, the aviation complex in Yeongjong will contribute to economic revitalization by attracting major companies and creating new jobs.

Third, Age of a New Network!

IFEZ aims to strengthen its role as an economic hub connecting the world stage and Korea. To this end, it plans to continue expanding the “Hansang Global Network” to build a platform for cooperation among overseas Korean businesses. It also aims to create economic value in the region, actively supporting global startups and boosting MICE (Meetings, Incentive tours, Conventions, and Events & Exhibitions) industries.

2. Innovation Growth

For the future growth of IFEZ, Commissioner Yun emphasized the need for disruptive innovative growth to create game-changing breakthroughs, in addition to “Value up.”

Fourth, Age of a New FEZ!

IFEZ has presented a plan to expand the free economic zone to secure new growth engines. To achieve this, the southern part of Ganghwa will be developed into a “green bio cluster” for the bio industry and the 2nd dredged soil disposal site in Yeongjong will be transformed into a complex marine tourism and leisure city. This strategy also includes promotion of balanced regional development in harmony with the old downtown and in conjunction with the inner harbor redevelopment project.

Lastly, Age of New Culture!

IFEZ will play a leading role in the K-content industry. Starting with Cheongna Video and Culture Complex, it is ready to build state-of-the-art video-production infrastructure, including indoor and outdoor studios, and to create various facilities that combine tourism and culture. In doing so, it will enhance its global competitiveness across the creation, distribution, and consumption of content and will establish itself as a “destination” for people to visit, rather than just a city to pass through. Such efforts are expected to contribute to revitalizing the cultural and creative industries and to creating Incheon’s unique cultural values. IFEZ will also pursue the following initiatives in 2025 to achieve creative innovation as it enters the 2.0 era: drastic regulatory reforms and customized incentives, the streamlining of administrative procedures, and amendments to the Free Economic Zone Act, such as abolishing the provision for metropolitan area exclusion. It will also create an innovative environment by strengthening various incentives to facilitate investments from reshoring companies and to attract global investment and revitalize the local economy. The above strategies are expected to pave the way for IFEZ to achieve sustainable growth and establish itself as a world-class free economic zone in the future.