IFEZ Journal

Incheon Turning into a Global K-Content Tourism Destination

Yeongjong and Cheongna international cities are emerging as promising markets for Korea’s content industry. With this in mind, the Incheon Free Economic Zone Authority (IFEZA) plans to prop these areas up as a “video and culture complex cluster,” dubbed “K-Con Land,” which will attract 50 million visitors annually and generate KRW 10 trillion in added value.

Becoming a Global Content Powerhouse by Establishing K-Con Land

The establishment of K-Con Land, which concentrates content companies in the Incheon Free Economic Zone (IFEZ), is a policy initiative that lines up with the government of Incheon’s strategy to “become one of the four global cultural powerhouses through K-content.” In June 2024, the Office for Government Policy Coordination (OPC) announced a strategy to establish a “K-content cultural multiplex”—a centralized hub for content production, distribution, and consumption—by attracting businesses, universities, and research institutions. By 2035, the government plans to propel the complex ahead as a leading K-content attraction featuring content academies, creation and entrepreneurship centers, video-production centers, museums, and festivals. For the K-Con Land project, the IFEZA is considering airport economic zones: four areas in Yeongjong, Yongyu, and Muui, along with two sites in Cheongna. These areas are supported by various cultural and performance facilities, such as Inspire Arena in Yeongjong, Cheongna Starfield Multi-stadium (under contemplation), Paradise City, and the BMW Driving Center, all centered around Incheon International Airport. Another strength IFEZ has is that it is home to educational institutions that can nurture skilled talents to lead K-content. The University of Utah, within Songdo’s Incheon Global Campus (IGC), offers programs in both game and film studies, and the Meneses School of Music (from the United States) is preparing to join, as well. In addition, there are discussions to attract the Vancouver Film School to Cheongna.

For the K-Con Land project, six areas within 

the Incheon Airport Economic Zone are being considered.

K-Con Land in the Spotlight around the World

Hollywood’s video and media companies based in Los Angeles are also showing great interest in Incheon. Earlier this year, Incheon Mayor Yoo Jeong-bok signed MOUs with representatives from four global video and media companies during his business trip to the U.S. to promote K-content. These companies have expressed their intention to participate in the establishment of K-Con Land. In particular, the MBS Group’s letter of intent (LOI) to engage in IFEZ’s content-related projects is a testament to IFEZ’s excellent infrastructure. Headquartered in California, the MBS Group is a leading global studio developer and operator, providing production and studio-rental services and offering production support to top content creators worldwide. Its studio assets are reportedly valued at more than USD 7.5 billion. Global financial investment firm Ametrust has also expressed its intention to invest, submitting a letter of intent to commit USD 2 billion to cultural industry projects within IFEZ and to new development initiatives, including plans for the southern part of Ganghwa. Once K-Con Land is firmly on track, it is expected to attract 50 million visitors annually and to generate approximately KRW 10 trillion in cultural content exports. It is also expected to attract 100 related companies and lead to the creation of 50,000 jobs.

MINI INTERVIEW - Yun Won Sok  / IFEZ Commissioner

FEZ drives development in a global city by shifting to innovative growth

The Incheon Free Economic Zone Authority (IFEZA), which achieved USD 655 million in foreign direct investment (FDI) last year, despite uncertain internal and external circumstances, will continue its growth this year by attracting investments in core strategic industries and innovating the industrial ecosystem. Speaking about this achievement, Commissioner Yun said, “The IFEZA has been pursuing quantitative growth driven by industrial development.” He added, “Starting this year, we plan to change our structure by shifting directions from attracting investment to innovative growth.” He lays out the following key policy initiatives for this year: ▲building an industry ecosystem for innovative growth to become a top-tier metropolis, ▲getting a foothold to become one of the top 10 global cities by attracting investments in core strategic industries, ▲building a sustainable free economic zone, and ▲ making a city that brings happiness to its citizens. In particular, Commissioner Yun aims to succeed in designating an additional free zone in the southern part of Ganghwa in order to ensure the sustainability of IFEZ, which has a current development rate of nearly 90%. Yun said, “The southern part of Ganghwa has all the factors needed for successful development of a free economic zone. It is close to Incheon International Airport and Incheon Port and is highly competitive because it can supply large sites for mixed-use development at affordable prices.” Yun plans to move forward with scheduled major development projects, which include the construction of a landmark in Songdo 6·8 District, the creation of the K-content-based K-Con Land, and the construction of Songdo International City Waterfront. “We plan to implement the Destination Incheon strategy to attract cutting-edge global companies in line with the IFEZA’s goal of becoming a ‘global business innovation hub,’” he said.