IFEZ Journal

1. Phase 2 Construction Project of Art Center Incheon Passes First Stage of Central Investment Review 

The Incheon Free Economic Zone Authority (IFEZ) announced that the "Phase 2 Construction Project of Art Center Incheon" has conditionally passed the Central Investment Review for Local Government Finance conducted by the Ministry of the Interior and Safety. This paves the way for the Phase 2 Construction Project to proceed in full swing. Scheduled for completion and opening in 2029, the project aims to complete a multifunctional cultural complex that, in addition to the concert hall opened in 2018, will include an opera house and an Art & Tech Center. With the completion of Phase 2, Art Center Incheon is expected to emerge as a cultural and arts hub in Incheon. With its direct connection to transportation and tourism infrastructures such as the GTX-B and the Waterfront, it is well-positioned to emerge as key cultural landmark in the international city of Incheon.

2. Songdo Waterfront Recognized as Key Infrastructure for Strengthening Climate Resilience 

Coastal areas are particularly vulnerable to flooding during heavy rains, as drainage is impeded when high tides coincide with heavy rainfall. Currently, Songdo International City (27.66 km²) has a detention capacity of approximately 5.5 million m³; however, the expansion of the watershed area after development raised concerns about severe flooding in the event of intense rainfall. In response, IFEZ intends to conduct Phase 2 of the Waterfront project by constructing a square channel which will increase the stormwater storage capacity of the detention basins. The project is designed to provide a total detention capacity of 9.35 million cubic meters, enabling greater rainfall retention and greater control of seawater intrusion to mitigate flood risks. With increasing concerns around global warming, the Songdo Waterfront is recognized as a key infrastructure for strengthening the city’s resilience.

3. IFEZ Promotion Center Welcomes Over 13,000 Monthly Visitors After Renovation 

The IFEZ Promotion Center, which reopened in July after a renovation, attracted an average of more than 13,000 monthly visitors. Beginning in April, IFEZ undertook a three-month renovation of its 10-year-old Promotion Center which originally opened in 2015, to upgrade its aging facilities. 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. Notably, the “IFEZ Tunnel of Light” has become a public favorite. 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 history 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.

4. IGC Aims to Nurture Future Leaders Through Global Collaboration

Incheon Global Campus (IGC) has established itself as a center for global R&D, industry–academia collaboration, and leadership development. IGC is home to prestigious universities including SUNY Korea (Stony Brook, FIT), George Mason University Korea, Ghent University Global Campus, and the University of Utah Asia Campus. Each offers the same academic programs as their respective main campuses, giving students the opportunity to study abroad. Notably, Stony Brook University, recognized as a top-tier research university by the Carnegie Classification, has produced 19 laureates, including Nobel and Fields Prize winners. IFEZ is moving forward with Phase 2 of the IGC project, having established a foundation last year by signing memoranda of understanding with two foreign universities to establish new campuses. Currently, IGC, with 4,519 students from 50 countries, is solidifying its role as a global education hub.

5. Incheon Startup Park Achieves Innovative Outcomes Through Demonstration Program

The “TRYOUT Demonstration Program”, jointly operated by IFEZ and Incheon United, has achieved outstanding outcomes. The program aims to validate innovative technologies developed by startups in practical settings and to facilitate their commercialization. Incheon United provided its football club facilities and professional personnel as demonstration resources, while Hanzoom Co., Ltd. installed smart lockers using keyless smart safety control technology. In addition, Anna Inc. tested sports technologies and fan engagement platforms using its marketing system that leverages skybox reservations and kiosks. In this way, the companies involved in the program gained opportunities not only to advance their technologies but also to attract investments and expand their businesses.

IFEZ said, “We aim to build an innovative ecosystem through collaboration between major companies and startups and continue to explore various collaborative models.”

6. IFEZ Signs Investment Agreement with Samsung Biologics for Establishment of Third Campus 

IFEZ announced that it has signed an investment agreement with Samsung Biologics for the establishment of a third campus in Songdo International City. This will further expand the bio cluster which is already the largest in the world. Samsung Biologics, a market-leading company currently holding the world’s top production capacity in the antibody pharmaceuticals sector, aims to significantly expand its biopharmaceutical output by establishing a third campus, building on its Songdo 11th district facility. The third campus will feature next-generation production facilities and an R&D center, and cooperation with global pharmaceutical companies is expected to be further strengthened. The “Bio-Village for Innovative Pharmaceuticals” project, led by Samsung Biologics, has a total investment of KRW 7 trillion. Upon completion of facilities in 2034, it is expected to create over 4,000 jobs.

7. Incheon Metropolitan City Explores Strategies for Collaboration in Biotechnology with Johns Hopkins University Faculty 

Incheon Metropolitan City met with the faculty of Johns Hopkins University during the Johns Hopkins Global Biotechnology Innovation Summit to discuss potential collaboration in the biotechnology sector. The meeting with Johns Hopkins University, a globally renowned hub for medical and biotechnology research, sought to lay the groundwork for collaboration with the Songdo Bio Cluster. Incheon Metropolitan City stated, “Songdo International City is the world’s largest bio cluster with numerous global biotechnology companies. We aim to enhance global cooperation by utilizing infrastructure including the K-Bio Lab Hub.” The faculty toured the Songdo biotechnology facilities and discussed specific measures for collaboration, including joint research, the exchange of talent, and technology transfer. Incheon Metropolitan City plans to develop Songdo into a global hub for bio-innovation through its partnership with Johns Hopkins University.

8. Solutions for Establishing K-CON LAND Discussed at the National Assembly – IFEZ Explores Strategies to Promote the Cultural Sector

IFEZ held a policy meeting at the National Assembly titled “Forum on Institutional Reforms to Attract the Content Industry to the Incheon Free Economic Zone” to promote the establishment of K-CON LAND. K-CON LAND is a large-scale project aimed at build facilities for the production, experiential activities, and distribution of K-content in the Yeongjong and Cheongna areas. The meeting was attended by lawmakers, officials from the Ministry of Culture, Sports and Tourism, the Ministry of Trade, Industry and Energy, and representatives from Incheon City, with discussion of institutional reforms and financial support initiatives. Commissioner Yoon Won-seok said, “IFEZ is the optimal location for K-content,” and emphasized the need for institutional support, including the introduction of global film production incentives and the expansion of tax benefits. Attendees acknowledged K-CON LAND as a key project for strengthening the global competitiveness of Korea’s cultural industry and agreed on the necessity of regulatory reforms and initiatives to boost investment.