Incheon Free Economic Zone Authority Targets $600 Million in Foreign Investment This Year... Focus on Four Core Strategic Industries

The Incheon Free Economic Zone Authority plans to attract a total of $600 million in foreign investment this year. This amount is $200 million more than last year's foreign investment attraction of $400 million in the Incheon Free Economic Zone.

On the 19th, the Incheon Free Economic Zone Authority announced that to achieve the $600 million target, it will focus on attracting advanced global companies, creating a startup ecosystem, establishing a service industry hub, and fostering an investment environment for sustainable growth.

First, it plans to create a global residential and educational environment favorable for corporate investment. Based on this, it will strengthen the attraction of companies in four core strategic industries: bio-healthcare, smart manufacturing, aviation and complex logistics, and knowledge and tourism services.

Additionally, to establish a service industry hub, it will actively support the casino licensing of Inspire Complex Resort, construction of Cheongna Shinsegae and Cheongna Costco, and construction of Songdo Severance Hospital and Cheongna Medical Complex Town.

Incheon Free Economic Zone Authority Headquarters Building

Alongside this, to attract domestic and foreign companies in new growth industries, efforts will be made to expand the Songdo Bio Cluster, complete the construction of the Cheongna BMW Research and Development (R&D) Center, commence construction of Macrogen's genome analysis research facility, establish a bio-process workforce training center, and build a connected car materials and components certification and evaluation center.

In particular, through attracting investments from companies and research institutions in new industries, the plan is to expand Songdo International City's biopharmaceutical capabilities and core raw material supply chains, securing an absolute advantage as a global bio cluster.

Currently, the remaining undeveloped land will be developed according to regional and industrial characteristics, and investment attraction will be pursued through domestic and international networks.

Last year, the foreign direct investment (FDI) reported in the Incheon Free Economic Zone amounted to $432 million (approximately 575 billion KRW), marking a 10.3% increase compared to the previous year. The Incheon Free Economic Zone Authority signed land sales contracts with four foreign-invested companies: BMW Korea, Lotte Biologics, Anymotion Tech, and Cheongna Medipolis PFV, and signed four memorandums of understanding, including attracting a branch of 'Marine UGent,' the marine research institute affiliated with Ghent University in Belgium.

An official from the Incheon Free Economic Zone Authority stated, "We will attract global companies centered on the four core strategic industries and create a startup ecosystem, designate additional areas within the Incheon Free Economic Zone to establish a foundation for continuous growth," adding, "Furthermore, we will strengthen investment attraction networks in cooperation with the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency."