Incheon Yeongjong Golden Terrace City International School Planned... Business Briefing on the 2nd of Next Month

Selection of Preferred Negotiation Candidate for the Second Half of This Year

The Incheon Free Economic Zone Authority has launched efforts to attract an additional international school within Golden Terrace City (formerly Midan City) in Yeongjong International City.

On the 29th, the Incheon Free Economic Zone Authority announced that a preliminary briefing session for the (tentatively named) 'Midan City International School Establishment and Operation Corporation' public recruitment project will be held at 10 a.m. on the 2nd of next month at the G-Tower Grand Auditorium in Songdo International City.

On that day, explanations will be provided regarding the current land use and district unit plans for the educational facility site within Golden Terrace City in Yeongjong International City, as well as the business operator recruitment plan.

The briefing session attendees are targeted to be nonprofit foreign school corporations wishing to establish an international school within Yeongjong International City, their representatives, and individuals or institutions authorized by foreign school corporations.

The Incheon Free Economic Zone Authority plans to select the Midan City International School operator through a public recruitment process. Additionally, to encourage active participation from globally prestigious nonprofit school corporations, they are currently promoting development directions and changes to land use and district unit plans.

Under current laws, nonprofit foreign school corporations face financial burdens in securing school sites and facilities for initial school establishment and operation, and due to regulations prohibiting the transfer of surplus funds, direct investment within Korea is difficult. The Incheon Free Economic Zone Authority explains that this acts as an obstacle to attracting prestigious foreign private schools.

Location map of the international school within Yeongjong International City Golden Terrace City (formerly Midan City) [Provided by Incheon Free Economic Zone Authority]

Currently, Songdo International City in the Incheon Free Economic Zone hosts Chadwick International School, which opened in 2010, and Calvin Manitoba International School, scheduled to open this September.

Additionally, Dalton Foreign School is located in Cheongna International City, but to meet the demand for foreign schools in international cities, the Incheon Free Economic Zone Authority is moving forward with establishing additional international schools.

The Incheon Free Economic Zone Authority plans to consult with Incheon Urban Corporation, the landowner, to collect opinions from this briefing session, accept business proposals through a public recruitment in the first half of this year, and select a preferred negotiation candidate in the second half.