Mayor Yoo Jeong-bok Embarks on European Trip to Secure $12 Billion Investment

Visit to Denmark, Germany, Romania, and France from the 21st to the 27th

Incheon Mayor Yoo Jeong-bok has embarked on a business trip to Europe to actively attract investments worth 12 billion USD (approximately 16 trillion KRW). On the 20th, Incheon City announced that Mayor Yoo will visit Denmark, Germany, Romania, and France from the 21st to the 27th for a 5-night, 7-day schedule.

During the trip, Mayor Yoo plans to sign a Memorandum of Understanding (MOU) with Ørsted, a Danish state-owned company and the global leader in offshore wind power, to establish the foundation for the offshore wind power industry in Incheon. Previously, in November last year, Ørsted obtained a 1.6GW power generation business license from the Ministry of Trade, Industry and Energy for the development of the largest offshore wind power complex in Korea, with a total project cost of 6 billion USD, being promoted off the coast of Incheon.

In Germany, Mayor Yoo will explain the vision of expanding the 'European Korean Cultural Town' plan, announced during his European trip in November 2022, into a 'Global Korean Cultural Town' that allows overseas Koreans to participate in various ways.

Yoo Jeong-bok, Mayor of Incheon
Photo by Incheon City

Mayor Yoo will then visit Romania to review the operation status of the wellness spa and resort run by the Therme Group and hold an investment implementation commitment ceremony for the Incheon Free Economic Zone.

Additionally, Panapinto, a U.S. development company, has expressed an investment intention of 1 billion USD, and One World Impact (OWI), a UK-based global investment firm, has shown an investment intention of 5 billion USD. Accordingly, Mayor Yoo will meet with investment company representatives in France to promote Incheon's investment competitiveness and discuss mutual cooperation plans.

Mayor Yoo stated, "Global companies around the world are showing great interest in Incheon, which offers the best investment environment with its Free Economic Zone, international airport, and port facilities." He added, "Through this trip, we will promote Incheon's successful business environment, attract overseas investment capital, and create an opportunity for Incheon to leap forward as a world-class city."