IFEZ Journal

IFEZ Activities Leading the Way toward Innovative Growth

IFEZ has been working hard to develop Incheon as a top 10 global city through its diverse activities to attract investment. Here are some such activities to help lead the way toward innovative growth.

1. Entering the Final Stage to Designate Southern Ganghwa as a Free Economic Zone

The administrative processes to designate the southern part of Ganghwa as a new Free Economic Zone have entered the final stage. As part of the process, IFEZ (under Commissioner Yun Won Sok) collected public feedback on the development plan from June 9 to 23 and held the third round of pre-consultation meetings with the Ministry of Trade, Industry, and Energy (MOTIE) on June 16 to obtain final expert opinions. Based on public opinion and expert consultations, IFEZ revised the development plan and subsequently submitted an application to MOTIE for the designation of the southern part of Ganghwa as a new Free Economic Zone. If the designation process goes according to plan, the government is expected to officially announce the approval of the development plan and the designation of the zone in the second half of this year. The newly designated zone of 6.32 km² (approximately 1.9 million pyeong) around Hwado-myeon and Gilsang-myeon will be developed into a K-Bio cluster, with plans to boost tourism demands by combining experiential tourism content that mixes natural, historical, and cultural resources with accommodation and leisure facilities.

 

2. Midterm Briefing for Phase 2 of Smart City Service Development Project

On May 29, IFEZ (under Commissioner Yun Won Sok) held a midterm briefing for the detailed design of “Phase 2 of the IFEZ Smart City Service Development Project” at G Tower in Songdo. This briefing session aimed to share the strategy for establishing AI- and data-based smart city services to be implemented in the Incheon Free Economic Zone and to discuss design approaches for core services focused on improving citizen safety and convenience. The briefing primarily focused on AI- and data-based platform services that citizens can directly experience, and it included discussions on strategies to enhance the data-driven POOM platform to support local startups, as well as to build an AI training data platform. IFEZ plans to finalize the detailed design for Phase 2 of the IFEZ Smart City Service Development Project by the second half of this year, followed by phased deployment and pilot tests, aiming to complete an AI-based smart city by 2040.

3. Agreement Finalized on Additional Project Costs for Cheongna GRT

IFEZ (under Commissioner Yun Won Sok) has officially reached a final agreement with the Korea Land and Housing Corporation (LH) on the cost-sharing of additional project expenses required to ensure the stable operation of the Guided Rapid Transit (GRT) system in Cheongna International City. Introduced as an alternative to the planned extension of Seoul Subway Line 7, Cheongna GRT has served as a key mode of transportation for citizens of Cheongna International City since its opening in February 2018. The operation of Cheongna GRT has been carried out by compensating the operating losses on an annual basis under an agreement with LH signed in 2017. However, the continuous compensation for operating losses has led to a need for additional financial resources. Accordingly, IFEZ and LH agreed to secure additional funds by signing a new agreement that utilizes the increased land value arising from the conditions attached to the approval of the amendment to the Cheongna International City development plan.

4. Integrated Platform for Smart Zero-Energy City Management

IFEZ (under Commissioner Yun Won Sok) has been selected to participate in the “2025 Future Regional Energy Ecosystem Revitalization Project,” led by the Ministry of Trade, Industry, and Energy. The purpose of this project is to discover and support distributed energy models and facilitate their expansion at the regional level by developing new distributed energy industry models suited to specific local conditions and establishing related systems. IFEZ has been carrying out the “Project to Build a Platform for Integrated Management of the IFEZ Smart Zero Energy City,” through which it plans to operate energy source-specific usage analysis and heat and electricity demand management services, laying the foundation for a community-based distributed energy system. Speaking about the project, Commissioner Yoon said, “We will respond to future changes in the power landscape through IFEZ’s unique approach to energy management and develop it into an exemplary model of community-participatory energy governance.”

5. K-CON LAND Selected for Foreign Investment Attraction Project Commercialization Support Program Jointly Operated by MOTIE and KOTRA 

The “K-CON LAND Project,” initiated by IFEZ (under Commissioner Yun Won Sok), has been selected for the 2025 Foreign Investment Attraction Project Commercialization Support Program, jointly operated by the Ministry of Trade, Industry, and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA). This government-funded program reviews projects aimed at attracting foreign investment, proposed by local governments and the nine Free Economic Zones nationwide, selects promising projects, and supports the development of investment attraction strategies. Selected for the initiative, IFEZ has secured KRW 53 million (70%) in national funding and plans to implement the project by investing KRW 23 million (30%) in municipal funds. K-CON LAND is a project centered in the Incheon Free Economic Zone that aims to foster the video and cultural industries and create a global tourist attraction by combining cultural and artistic content with cutting-edge technology. IFEZ plans to commission a study this August to refine its strategy for attracting investment to the K-CON LAND project, aiming to complete it by the end of the year.

6. Mayor Yoo Jeong-bok Holds Collaboration Talks with Johns Hopkins and CHA Medical Group

On April 23, Mayor Yoo Jeong-bok of Incheon Metropolitan City met with executives from CHA Medical Group and Johns Hopkins University Hospital, one of the world’s leading institutions in stem cell research. During the meeting, Mayor Yoo and the executives discussed the potential establishment of a global partner hospital and the creation of a next-generation cell and gene cluster within Songdo International City. They also exchanged ideas on advancing Songdo as a major medical industry hub in Northeast Asia. Speaking about this proposal, Mayor Yoo said, “Incheon is a global hub city with both an international airport and a seaport, offering an optimal location that enables effortless connections to every corner of the world.” He emphasized, “This partnership will not only contribute to the advancement of human health but also serve as the ideal groundwork for Songdo International City to grow into a leading global hub for cell and gene therapy.”

7. Art Center Incheon Advances Projects to Revitalize Local Arts and Culture

IFEZ (under Commissioner Yun Won Sok) is carrying out a project focused on Art Center Incheon to revitalize the cultural ecosystem and enhance exchanges and cooperation with local artists. With this in mind, it expanded its committee membership from 10 to 15 and elevated the chairperson’s position from Director of the Planning and Coordination Headquarters to Commissioner, in accordance with the partial amendment to the Art Center Incheon Operation Ordinance, which was revised and promulgated on April 24, thereby strengthening the committee’s authority and roles. It also provides opportunities for interaction and mutual cooperation with local artists, while reviewing new projects, such as the Local Gifted Academy program. Meanwhile, Art Center Incheon will host invited performances by Incheon-based arts groups in the second half of the year and has scheduled around 40 performances for the year. It is also pushing forward Phase 2 of Art Center Incheon, equipped with an opera house (a multipurpose performance hall) and an Art & Tech Center, and is set to undergo a central investment review in July.

8. IFEZ Begins Administrative Process for Official Naming of the Third Landing Bridge 

IFEZ (under Commissioner Yun Won Sok) has begun the administrative process to designate the official name of the Third Landing Bridge, set to open by the end of 2025. Following prior discussions with the district offices of Jung-gu and Seo-gu, each agreed to submit two proposed names. Apart from this, IFEZ will hold a naming contest for Incheon citizens to select two neutral name candidates. A neutral name is intended to prevent regional bias and represent the shared identity of the two districts. The evaluation will assess whether the proposed name reflects the joint identity of Jung-gu and Seo-gu and aligns with Incheon’s future vision, with the results to be announced in July. Following this, IFEZ will submit six proposed names to the Incheon Metropolitan City Naming Committee for consideration in the second half of this year.

+ IFEZ Promotion Center Closure Notice 

The IFEZ Promotion Center will be closed from March to June 2025 to complete internal renovations. 

Regular closures  Every Monday, National holidays (Independence Movement Day, National Liberation Day, National foundation Day of Korea, Hangeul Day), New Year’s Day, Lunar New Year Holiday, Chuseok Holidays

Operating hours  Weekdays from 10:00~21:00; Weekends and holidays from 13:00~21:00