Incheon City Begins Feasibility Study for Songdo 'GCF Complex' Development

[Asia Economy Reporter Park Hyesook] Incheon City held a kickoff meeting on the 24th for the "Basic Plan and Feasibility Study Service" to build the "GCF Complex," which will gather international organizations including the Green Climate Fund (GCF) in Songdo International City.

The GCF Complex development project aims for completion in 2028 and seeks to foster Incheon as a global network hub for climate industry and finance by providing dedicated spaces for international organizations and creating international conference halls to promote international cooperation.

Currently, 14 international organizations are located in Songdo, including the GCF Secretariat, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), and the United Nations Office for Disaster Risk Reduction (UNISDR) Northeast Asia Office.

At the meeting, related agencies such as the Ministry of Economy and Finance, the Ministry of Trade, Industry and Energy, GCF, and UNESCAP attended to discuss the implementation plans for the service, and it was decided to form an advisory committee to devise the optimal development plan.

The city plans to finalize the service around October next year, and based on this, determine the specific project scale and target tenant organizations before applying for a preliminary feasibility study to the Ministry of Economy and Finance.