IFEZ Journal

1. IFEZ Invites CEOs of Foreign-Invested Companies to Hold Policy Meeting and Explore Ways to Attract Investment

On March 11, the Incheon Free Economic Zone Authority (IFEZA, led by Commissioner Yun Won Sok) invited CEOs of investment companies in the Incheon Free Economic Zone to hold a policy meeting for investment attraction. The meeting was attended by a total of 50 people, including CEOs and officials from 22 invested companies, along with members of the IFEZ Development Advisory Committee’s subcommittee on investment attraction. It was conducted in the order of reporting major businesses of the IFEZA, presenting global economic trends, listening to the opinions of CEOs of investment companies, and networking. Professor Han Kyun-hee from Yonsei University, who was appointed as the chairman of the IFEZ Development Advisory Committee’s subcommittee on investment attraction, said, “I will work closely with the committee members to create an attractive environment for companies and investors and to achieve tangible results.”

2. The IFEZA, Kia, and Incheon Technopark Sign MOU to Discover and Foster Startups in Smart Process Sector

On March 20, the Incheon Free Economic Zone Authority (led by Commissioner Yun Won Sok) signed a mutual memorandum of understanding (MOU) with Kia to discover and foster startups at Incheon Startup Park. This MOU was part of Incheon Startup Park’s TRYOUT Empirical Program. The parties and Incheon Technopark will jointly proceed with empirical programs for startups under the MOU. For its part, Kia will provide its production processes and experts from its automobile manufacturing plant in Gwangmyeong, Gyeonggi-do, as empirical resources. Startups will have the opportunity to test a variety of innovative technologies, including ▲ automated supply and retrieval systems for production materials, ▲ vision-inspection solutions, etc. Yoo Je-beom, head of the Planning and Coordination Division of the IFEZA, said, “Collaboration between large enterprises and startups is expected to accelerate the validation and commercialization of startups’ technologies. With this in mind, we will discover various collaboration models and expand our partnerships.”

3. Chinese Ambassador to Korea Visits IFEZ to Seek Ways to Promote Economic Exchanges and Investment Attraction between Incheon and China

On March 28, IFEZ Commissioner Yun Won Sok invited Dai Bing, China’s ambassador to Korea, to discuss ways to promote economic exchanges and investment attraction between the IFEZA and China. Mr. Dai Bing visited the IFEZA first among the free economic zones in the country, where he was briefed on the current status and vision of IFEZ and had a tour of Songdo’s bio cluster, including Samsung Biologics and the National Institute for Bioprocessing Research and Training (K-NIBRT) Center. During his visit, he said, “I hope that IFEZ, which is home to a globally competitive bio cluster, will serve as the centerpiece of Korea-China economic cooperation.” For his part, Commissioner Yun said, “Incheon is a pilot region for local economic cooperation under the Korea-China Free Trade Agreement (FTA) and boasts the most active exchanges with China in Korea.” He then added, “Incheon will be the best partner to promote Korea-China economic exchanges and stabilize global supply chains.”

4. Wycombe Abbey, a Prestigious School in England, Selected as the Preferred Partner for an International School Project in Midan City

On March 31, Wycombe Abbey, a prestigious school in Buckinghamshire, England, was selected as the preferred partner for an international school project in Midan City. This will become the first international school in Yeongjong and is expected to drive the development of Yeongjong International City, serving as a key anchor for attracting further foreign investment. As it stands, the project aims to build an international school on a site of 96,000 m2 in Midan City. The Incheon Economic Development Agency plans to accelerate the project and sign an MOU within the year, with the goal of opening the school in the second half of 2028. The IFEZA will also visit Wycombe Abbey before the end of the year to meet with its board of directors, confirm the submitted proposal, and conduct due diligence. It will subsequently enter into negotiations to conclude an MOU. For its part, Wycombe Abbey stands as a world-renowned prestigious school, founded in 1896 and having produced distinguished alumni across various fields, such as law, politics, and journalism.

5. The IFEZA Holds Briefing Session on Development of Southern Ganghwa for Business

On April 4, the Incheon Free Economic Zone Authority (IFEZA, led by Commissioner Yun Won Sok) held a briefing session on the development of the southern part of Ganghwa for business. The briefing session was organized to share the development plans and to gather feedback from entrepreneurs and potential investors. The event began with an introduction to IFEZ’s success factors and the project’s goal of expanding the free economic zone. This was followed by a detailed explanation of the development plan for the southern part of Ganghwa. Through the Q&A session and survey that followed, the business owners actively offered their comments on the development schedule, ways to improve accessibility, building infrastructure, industrial suitability, and so on. “This is not just a briefing session but a starting point for us to work together with businesses to shape the future of the southern part of Ganghwa,” said Commissioner Yun Won Sok. He then added, “We will create a favorable investment environment for companies and will faithfully fulfill our role as a good ‘partner’ in the entire administrative process.”

6. The IFEZA Hosts Reception for Tenants Participating in K-Bio Lab Hub Pilot Project

On April 4, the Incheon Free Economic Zone Authority (IFEZA, led by Commissioner Yun Won Sok) hosted a reception for its tenants participating in the K-Bio Lab Hub pilot project at Yonsei University International Campus. The event was organized to celebrate the eight companies that were finally selected to move in through the recruitment process last month, also commemorating the official start of the project. The selected companies, which are promising startups with innovative technologies for drug development, have moved into the “SL BiGen Industry-Academia Cooperation Center” at Yonsei University International Campus. Over the next three years, they will have the opportunity to conduct research, development, and outside activities in the space allocated for the pilot project. In particular, they will promote innovation and development based on open innovation at the shared laboratories of the SL BiGen Industry-Academia Cooperation Center. In line with this arrangement, the IFEZA will support networking events, public relations, etc., for these young firms.

7. IFEZ Hits 2025 FDI Target in Q1 with USD 309.61 Million

The Incheon Free Economic Zone Authority (IFEZA, led by Commissioner Yun Won Sok) achieved the mark of USD 309.61 million in foreign direct investment (FDI) in the first quarter of 2025, attaining 51.6 percent of its annual target of USD 600 million. This represents the second highest performance (year-over-year) since it opened in 2003. Having exceeded half of the annual target in Q1, the FDI is expected to exceed the target this year, just as it did last year. This achievement is especially significant when considering that Incheon has continued to attract investment despite the ongoing global trade war and unstable domestic and international circumstances. “In my second year in office, I will ensure that the IFEZA exceeds its FDI target of USD 600 million this year, just as it did the previous year,” said Commissioner Yun. “To attract and encourage foreign investment, we need bold tax reforms and customized incentives, such as cash support systems. The IFEZA will proactively develop such incentives for Korea in line with the government’s policies.”

8. Incheon’s Mayor Yoo Meets Senior Leadership of Sartorius, a Leading Global Biotechnology Company

On April 8, Incheon Metropolitan City (Mayor Yoo Jeong-bok) met with the senior leadership of Sartorius, a leading global biotechnology company specialized in materials, components, and equipment. The meeting was arranged to bring executives from Sartorius’ headquarters to Incheon, where large-scale investments are underway, in order to discuss the current status and plans. Sartorius is making a major investment in biopharmaceutical manufacturing and processing R&D facilities for core raw∙subsidiary materials in Songdo International City. It is significant that Sartorius is continuing to invest in Incheon despite the global trade war and ongoing instability both at home and abroad. “Sartorius’ large-scale investment in Songdo will be an important driving force for the city to become a global bio bub,” said Mayor Yoo. He added, “We look forward to continuing our close cooperation to develop Incheon’s biopharmaceutical industry in the future.”

+ 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