Promotion of Attracting Specialized Hospitals for Anti-Aging and Infertility Treatment in Incheon Songdo... MOU Signed with Cha Hospital

A plan is being promoted to attract a hospital specialized in cell therapy, infertility treatment, and anti-aging to the site of the international hospital in Songdo, Incheon Free Economic Zone.

On the 12th, the Incheon Free Economic Zone Authority signed a memorandum of understanding (MOU) with Sungkwang Medical Foundation (Cha Hospital) at Songdo G Tower to attract a global specialized hospital. Accordingly, the Incheon Free Economic Zone Authority will prepare a business promotion plan, and Cha Hospital will be responsible for specifying hospital content and establishing detailed architectural plans. In addition, both parties agreed to cooperate in proposing institutional improvements to government ministries for the operation of the specialized hospital.

The global specialized hospital aims to establish a global hub for cell therapy, anti-aging, and infertility treatment on the site of Songdo International Hospital. Cha Hospital plans medical facilities such as an infertility specialty hospital, clinical trial center, stem cell therapy center, and Bio-cell Bank, as well as the Cha University of Science and Technology Songdo Campus, research facilities, and reagent production facilities.

The Incheon Free Economic Zone Authority is discussing a plan to establish a public special purpose company (SPC) using Incheon Investment Fund Co., Ltd. to purchase the site, construct the building, and lease the hospital building to Cha Hospital. Regarding this, the Incheon Free Economic Zone Authority stated, "It passed the review of the Incheon City Investment Attraction Planning Committee on the 8th, and this project has nothing to do with the for-profit hospital recently raised by a certain media outlet."

Kim Jin-yong, head of the Incheon Free Economic Zone Authority (fourth from the right), and Kim Chun-bok, chairman of the Sungkwang Medical Foundation, are taking a commemorative photo with attendees after signing a Memorandum of Understanding (MOU) to attract global specialized hospitals.
[Photo by Incheon Free Economic Zone Authority]

Currently, the international hospital site is owned by Songdo International City Development LLC (NSIC) and has been left as vacant land for 20 years, so prompt investment attraction is necessary to revitalize the surrounding commercial area. However, this site is designated as a general hospital site approved by central government ministries, making it difficult to change its use except for a hospital. Moreover, large general hospitals with about 800 beds each, such as Songdo Severance Hospital and Cheongna Asan Hospital, are being promoted in the Incheon Free Economic Zone.

Therefore, the Incheon Free Economic Zone Authority sees limitations in attracting large general hospitals under these circumstances and decided to attract small to medium-sized general hospitals focused on specialized medical departments that do not overlap with existing departments, have global competitiveness, and have potential for high added value creation in the future.

Kim Jin-yong, head of the Incheon Free Economic Zone Authority, said, "We can no longer leave the Songdo International Hospital site as vacant land, and considering that general hospitals such as Songdo Severance Hospital and Cheongna Asan Hospital will be built in the future, we decided to promote the attraction of specialized hospitals focusing on future medical trends such as cell therapy, anti-aging, and infertility. We will carry out the project without delay to contribute to the revitalization of Songdo International City development."