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. Art Center Incheon Phase 2 Construction Project in Full Swing

The second phase of the Art Center Incheon construction project is now in full swing. On October 20, the Incheon Free Economic Zone Authority (IFEZA) announced that the Art Center Incheon Phase 2 project had conditionally passed the central investment review by the Ministry of the Interior and Safety. As a result, the project has entered its full-fledged implementation stage. The Phase 2 project aims to complete a comprehensive cultural complex that includes an opera house and an Art & Tech Center next to the concert hall which opened in 2018. The goal is to establish a landmark cultural facility representing both Incheon and the IFEZ, with completion and opening targeted for 2029. With a total floor area of 33,175 square meters, the complex will consist of two main buildings—an Opera House and an Art & Tech Center—spanning two basement levels and eight stories above ground. The Opera House will feature a 1,439-seat multipurpose performance hall, while the Art & Tech Center will include open studios, production and creative spaces, a 300-seat experimental theater, and educational facilities. Once completed, the Art Center Incheon Phase 2 project is expected to serve as a key cultural hub for the international city of Incheon, connecting with major transportation and tourism infrastructures such as the GTX-B line and the Incheon Waterfront.

2. Final Deck of the 3rd Landing Bridge Connected, Linking Yeongjong and Cheongra 

On September 12, the deck of the 3rd Landing Bridge, a long-span bridge over the sea, was successfully connected. This final deck section, spanning Jungsan-dong in Jung-gu and Cheongna-dong in Seo-gu, has been joined, completing the full structure along with the main towers. Serving as a core infrastructure complementing Incheon Bridge and Yeongjong Bridge, the 3rd Landing Bridge is expected to greatly enhance access between Seoul and the Incheon Free Economic Zone. Upon opening, travel from Yeouido to Incheon International Airport will take about 30 minutes, cutting up to 20 minutes off the current travel time via Yeongjong Bridge. The construction involved installing the final deck which located at the center of the two cable-stayed bridge towers among 67 total deck segments, and it was successfully completed in the presence of Commissioner Yun, won-sok and other officials. Until the completion of the 3rd Landing Bridge, the Incheon Free Economic Zone Authority will maintain strict oversight of safety and progress to ensure a smooth opening in December.

3. IFEZ Signs MOU to Promote Smart Manufacturing Innovation and Revitalize the Regional Economy 

On September 17, the Incheon Free Economic Zone Authority and the Namdong National Industrial Complex Businessmen Association signed an MOU at Songdo Kyungwonjae, focusing on smart manufacturing innovation and regional economic development. The MOU holds great importance, addressing industrial transformation and intensifying global competition by connecting IFEZ’s innovation infrastructure with the manufacturing capabilities of the Namdong National Industrial Complex to foster long-term industrial advancement and lay a foundation for sustainable growth. Under the MOU, the two parties will gradually expand the scope of cooperation by discussing ▲Transitioning to AI-driven smart manufacturing ▲Strengthening company-to-company networks ▲Implementing customized training and capacity-building programs. marks the beginning of a joint effort between IFEZ and the Namdong Industrial Complex Businessmen Association to drive regional economic growth. With a shared vision for AI-driven smart manufacturing and enhanced global cooperation, we will actively pursue diverse collaborative initiatives that deliver tangible benefits to companies.

4. Cheongna Lake Park Transformed into an Urban Waterfront Retreat

The Incheon Free Economic Zone Authority plans to carry out a renovation project for Cheongna Lake Park, aiming to transform the area into a multi-purpose space for culture, leisure, and interactive experiences in response to growing concerns over its aging media facilities. Approximately 1.6 billion KRW will be invested in the media facility renovation efforts, which a targeted completion date in the first half of 2026. The park will be renovated per major plans which feature ▲Interactive waterside facilities, ▲Nighttime scenic lighting, and ▲Public rest zones. In particular, with the concept of “a new riverside landmark in Cheongna where water, light, and experience harmonize,” the plan includes a shallow 30 cm waterway, waterfront leisure and experiential zones, and the addition of cooling fog and shaded resting areas to maintain comfort during the summer heat. At night, it envisions a stunning nightscape through waterfront lighting that blends the glow of light with flowing water, establishing Cheongna Lake Park as a signature nighttime landmark.

5. After the renewal, the IFEZ Promotion Center has attracted over 10,000 visitors per month.

The IFEZ Promotion Center, which reopened in July after a renovation, has attracted great attention from both foreign tourists and local visitors. The renovated Center vividly showcases IFEZ’s history, current status, and future vision through state-of-the-art digital content, photos, exhibitions, and dioramas, offering visitors an engaging and immersive experience. Furthermore, the addition of a global communication area and a Wellness City–themed photo zone has greatly enhanced the Center’s role in promotion and communication. As such, the Center now functions as a platform for investment promotion and public relations for foreign investors, state guests, and organizations aiming to learn from IFEZ’s development model. The IFEZ Tunnel of Light has become the most popular spot. Standing 4 meters high and stretching 21 meters long, the tunnel features large LED installations on its walls and floor, presenting a 4-minute state-of-the-art immersive presentation of IFEZ’s development story and its vision for a Wellness City On weekdays, the Promotion Center is open from 10 a.m. to 9 p.m., and on weekends (Saturday and Sunday) from 1 p.m. to 9 p.m. It is closed every Monday, on national holidays, and throughout the Chuseok and Lunar New Year holiday periods.

6. IFEZ Rolls Out “Happy Study Room Season 7” as Part of Its Community Contribution Initiative

IFEZ is rolling out a project to provide study rooms for children and teenagers from disadvantaged families in the older districts of the city. On September 23, the Incheon Free Economic Zone Authority hosted a partnership ceremony at Songdo G-Tower with resident companies and the Incheon branch of ChildFund Korea to launch IFEZ Happy Study Room Season 7. The fund was raised by IFEZ residential companies, the project supports underprivileged students in the old city area by refurbishing study rooms—replacing wallpaper, flooring, and lighting—and providing bookshelves and learning resources. The project aims to provide students from underprivileged backgrounds with safer and more comfortable study rooms while improving their overall learning conditions. Ten companies are participating in the initiative, including Merck Korea, i-SENS, Janssen Vaccines, YMT, HL Clemoove, Inntron, TOK Advanced Materials, POSCO A&C, Mitsubishi Elevator Korea, and Hyundai Steel. The Incheon branch of ChildFund Korea is overseeing the project and coordinating all related activities.

7. Opening of the Global K-Culture Center

The Incheon Free Economic Zone Authority (IFEZA) has opened the Global K-Culture Center on George Mason University Korea campus. The center will operate as a research institute dedicated to studying Korean culture and content, as well as nurturing related talent. It plans to host academic conferences and research projects, support the training of cultural industry professionals, promote industry-academia cooperation, and organize exchange programs for international students. IFEZA expects the Global K-Culture Center to generate strong synergy with its K-Conland Project, which aims to foster the film and cultural content industries.At the opening ceremony, IFEZA Commissioner Yun Won Sok stated, “By connecting Cheongna’s Film and Culture Complex, Yeongjong’s Airport Economic Zone, and Songdo’s global network, we will build a K-content city that attracts the world,” adding, “We will develop IFEZ into the Hollywood of Asia—where culture and economy coexist.”

8. IFEZA Successfully Hosts Global Day, the Second Round of the 2025 TRYOUT Investment Round

The Incheon Free Economic Zone Authority (IFEZA) successfully hosted Global Day, the second round of the 2025 TRYOUT Investment Round, on September 25 at Incheon Startup Park. The event was organized to strengthen the global market readiness of pilot companies and to promote a vibrant investment ecosystem. Out of the 20 startups selected for the Tryout Round project, 10 pioneering companies in the field of global market expansion advanced to the second round. The participating companies—▲RAVEN MATERIALS, INC., ▲Marcus, ▲Neos Tech, ▲Woori Kids Plus, ▲ShopFanfic, ▲For this second round, IFEZA will select three top-performing companies, awarding funds of KRW 15 million to the first-place winner, KRW 10 million to the second-place winner, and KRW 5 million to the third-place winner. In addition, it plans to raise more than KRW 200 million in further investment through collaboration with the Incheon Startup Park Fund.TNG Lab, ▲OI Studio, ▲App Media, ▲UniUni, and ▲Lucas—highlighted their technological innovations and business models through IR pitching sessions.

9. IFEZ Partners with LH and iH on the 3rd Landing Bridge Park Development Project 

The creation of a themed park is officially underway as part of a project to develop the 3rd Landing Bridge into a tourism resource. The Incheon Free Economic Zone Authority (IFEZA) announced that on September 25, it finalized an agreement with the Korea Land & Housing Corporation (LH) and the Incheon Urban Corporation (iH) on plans for the creation of neighborhood parks in Yeongjong and Cheongna, and signed a detailed agreement defining each party’s financial responsibilities. Under the agreement, IFEZA will be in charge of implementing the project, addressing public concerns, ensuring safety, and managing the handover and operation of facilities upon completion. The site for the project will cover an area approximately 1.12 times the size of Yeouido Park. Spanning a total of 257,928㎡, the project includes Yeongjong Sky City Neighborhood Park No. 20 (125,327㎡) and Cheongna International City’s Buffer Green Zone No. 101, as well as Scenery Green Space No. 32 and 74 (totaling 132,601㎡). Yun, won-sok, Commissioner of the Incheon Free Economic Zone Authority, said, “With the 3rd Landing Bridge set to open at the end of this year, the completion of neighborhood parks in Yeongjong and Cheongna will create new landmarks in Incheon. We will devote our full administrative capacity to developing the project into a core tourism destination that goes beyond transportation infrastructure.”

10. Launch of the Digital Export Center (deXter) 

The opening ceremony of the Incheon Digital Export Center (deXter) was held at Michuhol Tower on September 29. It was attended by representatives from the Incheon Free Economic Zone Authority (IFEZA), the Korea Trade-Investment Promotion Agency (KOTRA, led by President Kang Kyung-sung), and Incheon Technopark (ITP), along with local entrepreneurs and university students. deXter is a regional hub established to promote a digital trade platform accessible to all exporters. A total of 18 centers are currently operating across the country, and the Incheon branch officially opened on the first floor of Michuhol Tower in Songdo (373㎡) after preparations that commenced in July 2025. The center is operated through a partnership that combines IFEZ’s administrative support, KOTRA’s global network, and ITP’s business support capabilities. Specifically, the center provides various services such as digital content production for export products, registering products on buyKOREA, big data–driven customized marketing support, facilitating trade consultations with discovered buyers, and running the “deXters” program to nurture digital trade professionals among youth and university students. Through these initiatives, Incheon is set to establish a robust digital trade–based export support system and position itself as a leading innovation hub that boosts the global competitiveness of local companies.

11. Kicking off the development of Therme Wellness Spa & Resort at Golden Harbor 

A project to develop a European-style global wellness spa & resort with oceanfront views at Golden Harbor is now officially underway. The project took a formal step forward on September 29, when the Incheon Free Economic Zone Authority (IFEZA) finalized a foundational agreement for the “Therme Global Wellness Spa & Resort” project. Under the agreement, Therme Korea will build a European-style wellness spa & resort at Golden Harbor in Songdo District 9, featuring a unique design with a transparent glass dome. Two commercial sites, Cs8 and Cs9, totaling approximately 99,041㎡ (29,960 pyeong), have been designated for the project. Accordingly, the two parties signed a business agreement in December 2023 and proceeded to finalize the project blueprint, which included submitting a project plan by the end of last year after finalizing the site. In particular, the Therme Group regarded Golden Harbor as the ideal site considering its competitiveness within the airport economic zone, access to the cruise terminal, and proximity to Songdo International City. Going forward, IFEZA will undergo review by the Incheon City Public Property Deliberation Committee in order to finalize a land lease agreement with the Therme Group. Subsequently, around January next year, IFEZA plans to sign the primary business agreement and land lease contract with the special purpose company (SPC) established by Therme.

12. Q3 2025 FDI Reaches 92.3% (USD 553.5 Million) of the Annual Target 

The Incheon Free Economic Zone Authority (IFEZA) announced that foreign direct investment (FDI) registered in the third quarter of 2025 totaled USD 553.5 million, achieving 92.3% of the annual target. Building on USD 494.7 million recorded in the first half, an additional USD 58.8 million in Q3 brought the total beyond 90% of the annual target. Investment results were particularly prominent in strategic priority sectors set by IFEZA, especially in the bio industry.

This accomplishment was realized in the face of unstable domestic and international political conditions, global economic uncertainties, and tariff pressures, and largely reflects IFEZA’s active IR efforts to attract investment, as well as the continuous expansion of infrastructure for foreign residents. Yun, won-sok, Commissioner of IFEZA, said, “In my second year in office, FDI filings are expected to exceed USD 600 million again, building on last year’s achievements. Notably, tangible outcomes are expected from major new investments in the bio and semiconductor sectors, along with the Asia-based Hollywood investment project by the U.S. ‘Kessler Group,’ promoted as part of the K-Con Land initiative.”