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. IFEZA Secures Exceptional Achievement with Seventh Consecutive S-Grade in Free Economic Zone Performance Evaluation

The Incheon Free Economic Zone Authority (IFEZA) earned the top rating in the 2024 Free Economic Zone Performance Evaluation, conducted by the Ministry of Trade, Industry, and Energy, marking its seventh consecutive S-grade achievement. This cements Incheon’s place as a leader among South Korea’s free economic zones, with IFEZA being the only zone in the country (out of nine FEZs) to earn the highest rating for seven straight years. “Achieving an S-grade for seven consecutive years—a record unmatched by any other zone—demonstrates IFEZA’s dedication to leading change and pioneering innovation for the future,” said Yoon Won Sok, commissioner of IFEZA. “We will continue to drive change and innovation, advance future industries and cutting-edge infrastructure, and elevate Incheon into a global business innovation hub that serves as a true destination rather than merely a gateway.”

2. IFEZA Achieves USD 409.37 Million in FDI for the First Half of 2025

The Incheon Free Economic Zone Authority (IFEZA) announced that, as of June 22, 2025, the registered amount of foreign direct investment (FDI) had reached to USD 409.37 million, accounting for 82.3% of the 2025 target of USD 600 million. It is expected that FDI will surpass this year’s target just as it did last year’s, with the first half result already exceeding 80% of the overall goal. While setting the foreign investment target of USD 600 million for this year, IFEZA established the “2025 IFEZ Comprehensive Investment Promotion Plan,” actively promoting investment in ▲ healthcare and biotechnology, ▲ advanced and key strategic industries, and ▲ the tourism, leisure, and cultural content sectors. It also plans to establish an AI-based intelligent transportation and logistics system in southern Ganghwa, where designation of a new FEZ is being finalized, and to develop a historical and cultural tourism district, a K-culture cluster, and eco-friendly residential wellness complexes, aiming to attract sustained foreign investment.

3. IFEZ Promotion Center Reopens Following Renovations

The IFEZ Promotion Center completed its renovations and has been fully operational since July 8. Beginning in April, IFEZA undertook an approximately three-month period of renovations to upgrade the center’s aging facilities and enhance its content, the center having opened 10 years ago (in 2015). The newly renovated IFEZ Promotion Center brings the area’s past, present, and future visions to life through diverse digital content, photos, exhibitions, and dioramas. Visitors are further engaged with immersive media art depicting IFEZ’s history and future, along with displays that offer a hands-on experience of its forward-looking vision. IFEZA Commissioner Yoon Won-seok spoke about the reopening, saying, “The IFEZ Promotion Center serves as a key platform for showcasing our future vision and urban competitiveness to the world. We will actively utilize this facility as a space that connects people, the city, and businesses (investors) while linking the past and future.”

4. IFEZA Holds Networking Day with Startups Participating in K-Bio Lab Hub and Songdo-Based Companies

The Incheon Free Economic Zone Authority (IFEZA) held its Networking Day on July 14 at Songdo Convensia, bringing together startups participating in the K-Bio Lab Hub pilot project and companies based in Songdo. Held for the second year in a row, this event was designed to facilitate open networking while showcasing the core technologies of 38 participating resident and member companies involved in the pilot project. Starting with a welcoming address by Commissioner Yoon Won-seok, the event featured presentations on open innovation cases by Samsung Bioepis Co., Ltd. and Dong-A ST Co., Ltd., exploring avenues for collaboration and joint project development. Commissioner Yoon emphasized in his address, “We have enhanced the Networking Day program to bring together large corporations, startups, and investors, enabling them to explore practical collaboration opportunities. In the future, IFEZA will dedicate its efforts to ensuring that the K-Bio Lab Hub becomes a central part of the Songdo bio-cluster ecosystem through successful execution of this pilot project.”

5. IFEZA Puts Full Effort into Attracting Investment at CISCE 

From July 16 to 20, the Incheon Free Economic Zone Authority (IFEZA) participated in the 3rd China International Supply Chain Expo (CISCE) at the China International Exhibition Center in Beijing. The visit aimed to spread promotion for the development plan for Ganghwa’s southern area and to explore specific strategies for collaborating with leading global companies in establishing a new global supply chain hub in East Asia. On the morning of July 16, IFEZA Commissioner Yoon Won-seok strengthened cooperative ties at the opening ceremony through exchanges with corporate leaders, including NVIDIA CEO Jensen Huang, and key figures in China’s economic sector. In the afternoon, Commissioner Yoon participated as a panelist in a discussion on “Strategies for Cooperation to Establish a Stable Global Supply Chain,” attracting attention by proposing concrete measures to transform southern Ganghwa into a global supply chain hub. Throughout the expo, IFEZA also operated a promotional booth for the Incheon Free Economic Zone and actively engaged with potential investors in Beijing’s major high-tech sectors, including mobility and autonomous driving, to attract investment.

6. IFEZA, Supporting Local Companies’ Global Expansion with deXter

The Incheon Free Economic Zone Authority (IFEZA) announced its plans to open “deXter,” a comprehensive digital trade support center for SMEs and startups, on the first floor of Songdo Michuhol Tower this September. The center will serve as a hub to help local companies smoothly enter the export market in a digital trade environment, as part of the government’s initiative to “expand digital trade and export infrastructure.” The center will provide one-stop support for the entire export process—from content production and digital marketing to buyer discovery, contract consultations, and workforce development—all the while leveraging its partnership with KOTRA’s four major digital trade platforms: Trade-Investment 24, TriBIG, the Overseas Economic Information Dream platform, and buyKOREA. IFEZA Commissioner Yoon Won-seok spoke about these plans, stating, “deXter, serving as a digital export hub to realize an era in which anyone can participate in exports, will provide comprehensive support to help local enterprises establish a stable foothold in the global market. We will continue to pursue diverse policies that foster both digital innovation and export growth.”

7. Building a Climate-Resilient City through the Songdo Waterfront Project

The Incheon Free Economic Zone Authority (IFEZA) is working to enhance its capacity to tackle the climate crisis through implementation of the Songdo Waterfront Project. Coastal areas, unlike inland regions, may face significant risks of severe flooding during heavy rain due to impaired drainage coinciding with high tides. Accordingly, Songdo International City has taken proactive steps to prevent flooding by implementing the Songdo Waterfront Project, equipped with retention basins, sluices, and waterways. Currently, Songdo International City, covering an area of 27.66 km², has a retention capacity of approximately 5.5 million m³. However, once development is completed, the expansion of the catchment area to 41.95 km² may prevent runoff from flowing into the sea during heavy rainfall, potentially leading to significant flooding. IFEZA plans to mitigate flood damage and control seawater inflow through the second phase of the Songdo Waterfront Project, which involves creating a “ㅁ(square)”-shaped waterway to enhance the basins’ stormwater storage capacity and secure a retention capacity of 9.35 million m³.

8. Incheon Startup Park Kicks off Funding Support for Startups

The Incheon Free Economic Zone Authority (IFEZA) has launched the Incheon Startup Park Fund No. 1, totaling KRW 59.5 billion, and started investing actively, including financial support for two startups. The fund is a public-private collaboration, with IFEZA investing through Incheon Technopark and private venture capital firms serving as managing partners. The discovery of innovative ventures and startups, along with investment activities, has continued at Incheon Startup Park since the fund’s establishment, focusing on IFEZ’s strategic industries: ▲ Smart City, ▲ Information and Communication Technology (ICT), ▲ Bio and Healthcare, ▲ Smart Manufacturing, and ▲ Aviation and Integrated Logistics. Notable companies supported by the Incheon Startup Park Fund No. 1 include Tesoro Co., Ltd. (multi-joint grippers for robots) and The Plaza Co., Ltd. (platform for automated sports facilities). Yun Won Sok, Commissioner of the Incheon Free Economic Zone Authority, stated, “The Incheon Startup Park Fund will serve not only as a source of capital but also as a catalyst that connects the sustainable growth of innovative startups with the attraction of private investment. We will continue to expand the investment base so that the local venture and startup ecosystem can grow independently.”