Incheon Free Economic Zone Authority and Urban Corporation Join Hands with KIND to Support Domestic Companies in Overseas Urban Development

Incheon Free Economic Zone Authority in Songdo International City

[Asia Economy Reporter Park Hyesook] The Incheon Free Economic Zone Authority and Incheon Urban Corporation (iH) have joined hands with the Korea Overseas Infrastructure & Urban Development Corporation (KIND) to assist domestic companies in overseas urban development projects.

On the 1st, these organizations signed a "Mutual Cooperation Agreement on Overseas Urban Development Support" at G Tower in Songdo International City, Incheon. The signing ceremony was attended by Lee Won-jae, head of the Incheon Free Economic Zone Authority, Lee Seung-woo, president of iH, and Lee Kang-hoon, president of KIND.

KIND, a public institution under the Ministry of Land, Infrastructure and Transport, was launched in June 2018 based on the Overseas Construction Promotion Act to support domestic companies' entry into overseas investment and development markets.

Funded by the government, Korea Land & Housing Corporation (LH), and the Export-Import Bank of Korea, KIND operates various overseas urban development support programs such as the K-City Network and the Economic Innovation Partnership Program, in addition to equity investments.

This agreement was made to establish an organic cooperation system related to domestic companies' entry into overseas markets for investment and development-type smart city and urban development projects.

According to this agreement, the Incheon Free Economic Zone Authority will share its accumulated experience in free economic zone development and investment attraction, while Incheon Urban Corporation will provide support with its know-how in development project implementation and professional personnel.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "This agreement was signed to advance to a practical cooperation stage regarding the recent consecutive experiences in developing the Incheon Free Economic Zone and benchmarking smart cities. We will do our best to ensure that the Incheon Free Economic Zone urban development model can support domestic companies entering overseas urban development projects such as smart cities as a brand."