'Creating a Hub for Korean Businesses'... Establishing the World Korean Trade Complex in Songdo, Incheon

The blueprint for the 'Global Korean Trade Complex' project being promoted in Songdo International City, Incheon, has been unveiled.

According to the Incheon Free Economic Zone Authority, Mayor Yoo Jeong-bok, who is on a business trip to the United States, announced the plan to establish the Global Korean Trade Complex on the 28th (local time) in New Jersey to overseas Korean residents and businesspeople.

Incheon Mayor Yoo Jeong-bok delivers a welcome speech at the 'World Korean Trade Complex & Global Koreatown Vision Presentation' held on the 28th (local time) in Jersey City, USA.
[Photo by Incheon City]

The Incheon Free Economic Zone Authority plans to build two 35-story buildings along with MICE (Meetings, Incentives, Conferences, and Exhibitions) and various commercial facilities on a 55,570㎡ site within the 'iCore City' project area in Districts 6 and 8 of Songdo International City.

Among the two buildings, one will serve as the Global Korean Trade Center office facility, attracting Korean business-related companies and organizations such as the World Korean Trade Association, Korea Trade-Investment Promotion Agency (KOTRA), the Overseas Koreans Office, and various foreign-invested companies. The other building will be developed as the 'Global Startup Center,' the second Incheon Startup Park, to bring in domestic and international startups, investment, finance, and consulting institutions.

The Incheon Free Economic Zone Authority plans to gather key facilities in one place to nurture Korean startups and young traders, while also creating a hub space to share Korean business know-how and cultivate talent by linking with MICE facilities. Additionally, they will continue to promote the Global Korean Cultural Town project, a residential area for overseas Koreans, to establish a stable live-work proximity environment.

The event was attended by about 90 people, including Mayor Yoo Jeong-bok of Incheon, Yoon Won-seok, head of the Incheon Free Economic Zone Authority, and Korean businesspeople affiliated with the World Korean Trade Association's New York and New Jersey branches.

Mayor Yoo said, "With the strong support of overseas Koreans last year, we succeeded in attracting the Overseas Koreans Office to Incheon. By establishing the Global Korean Trade Complex, we will provide a foundation not only for a residential environment for overseas Koreans but also for their practical entry into the domestic market and attracting linked businesses."

Aerial View of Korean Trade Complex [Provided by Incheon Free Economic Zone Authority]