IFEZ 인천경제자유구역 로고

Yeongjongdo and Cheongna International City are emerging as promising markets for Korea's ever-burgeoning content industry.
 
The Incheon Free Economic Zone (IFEZ) plans to develop the area into the Visual Culture Complex Cluster, or K-Con Land, which is expected to attract 50 million visitors annually and generate 10 trillion won ($6.8 billion).
 
K-Con Land, which will concentrate content companies at the IFEZ, aligns with the government’s four strategies to place Korea among the world’s top four in the content industry. The Office for Government Policy Coordination announced a strategy to establish a K-Content Multicultural Complex, a cluster of businesses, universities and research institutes that enables content production, distribution and consumption in one location.
 
By 2035, the government plans to develop this complex into a landmark featuring content academies, creation and startup centers, video production facilities, museums and festivals.
 
The IFEZ is considering airport economic zones as potential sites for the K-Con Land project, including areas in Yeongjongdo, Yongyu, Muui and Cheongna. These regions are supported by various cultural and performance facilities near Incheon Airport.
 
A key advantage of IFEZ is the institutions that can cultivate human resources for K-contents. The University of Utah at Incheon Global Campus offers degrees in game design and film, and the Mannes School of Music is preparing to join. Discussions are ongoing to open the Vancouver Film School in Cheongna.
 
Hollywood film and media companies are also keeping a close eye on Incheon. Incheon Mayor Yoo Jeong-bok signed agreements with representatives from global visual and media firms to promote K-content earlier this year.
 
MBS Group, a global studio development company with assets valued at $7.5 billion, submitted a letter of intent to participate in IFEZ content-related projects. Additionally, global financial investment firm Ametrust has shown interest in investing $2 billion in IFEZ cultural industry projects and new developments.
 
Once it begins operation, K-Con Land is expected to attract 50 million visitors annually, with cultural content exports estimated to reach approximately 10 trillion won. The project is projected to attract around 100 related companies and create 50,000 jobs.
 
“We will strengthen our position as a center for the production and consumption of the K-contents industry,” said Yoon Won-seok, Commissioner of IFEZ. The IFEZ achieved $605.5 million in foreign direct investment last year and continues its growth through investment in core strategic industries.  
 
Yoon’s policy prioritizes creating an innovative industrial ecosystem, attracting investment in strategic industries, establishing a sustainable free economic zone and enhancing quality of life. The key goal is to designate the southern part of Ganghwa Island as an additional free economic zone to ensure IFEZ’s sustainability.
 
“The southern part of Ganghwa Island is highly competitive since it is close to Incheon Airport and can provide spacious land for multi-development at affordable prices,” Yoon said.
 
IFEZ plans to steadily advance major development projects, including landmarks in Songdo Districts 6 and 8, K-Con Land and the Songdo International City waterfront.
 
“In line with becoming a global business innovation hub, we plan to attract advanced global companies and promote the ‘Destination Incheon’ strategy,” Yoon added.