Lee Won-jae, head of the Incheon Free Economic Zone Authority, and Zhao Xi, director of the China Pilot Free Trade Zone Qingdao Area, are taking a commemorative photo after signing a business agreement. [Photo by Incheon Free Economic Zone Authority]
[Asia Economy Reporter Park Hyesook] A memorandum of understanding (MOU) based on exchanges and cooperation in biopharmaceuticals and other fields has been signed between the Incheon Free Economic Zone and the China (Shandong) Pilot Free Trade Zone Qingdao Area.
The Incheon Free Economic Zone Authority announced on the 18th that Lee Won-jae, the head of the authority, and Zhao Shiyu (趙士玉), director of the Qingdao Free Trade Zone Administrative Committee, signed the MOU online. This is the first time that the Incheon Free Economic Zone Authority has signed an MOU with the China (Shandong) Pilot Free Trade Zone Qingdao Area.
The agreement focuses on strengthening exchanges and cooperation in fields such as biopharmaceuticals, port and air logistics, advanced technology and manufacturing, financial services, tourism and cultural industries, and efforts to build logistics centers for global e-commerce and logistics transshipment, roll-on/roll-off freight services (RFS), industry-specific research and development (R&D), and cooperative networks.
This MOU was concluded following a request from the Qingdao Free Trade Zone Administrative Committee to the Incheon Free Economic Zone Authority during the 'China (Shandong) Pilot Free Trade Zone Qingdao Area Opening Cooperation and Project Promotion Conference,' jointly hosted by the Qingdao Free Trade Zone and the Shandong Provincial Department of Commerce.
The Qingdao Area is a free trade zone located in Qingdao City in the southeastern part of Shandong Province, China, established in 2019. Covering an area of 52.43 km², its key industries include air and maritime logistics, trade, finance, and advanced manufacturing.
Lee Won-jae, head of the Incheon Free Economic Zone Authority, expressed hope that the MOU would expand mutual exchanges and investment attraction between companies in Incheon and Qingdao.
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