A complex integrating medical, educational, business, and residential facilities related to K-Beauty will be established in Songdo International City, Incheon.
On the 10th, the Incheon Free Economic Zone Authority announced that on the 9th, it signed a Memorandum of Understanding (MOU) for attracting the K-Beauty Industry Complex with the Philippine LCS Group at Songdo G Tower. Yoon Won-seok, head of the Incheon Free Economic Zone Authority, and Luis Chavit Singson, founder of LCS Group and chairman of its holding company LCS Holdings Inc., personally signed the agreement.
LCS Group plans to invest approximately 500 billion KRW in a 22,000㎡ (about 6,800 pyeong) site in Block I-7 of Songdo International Business District to develop medical facilities, educational and research facilities, business facilities, and company dormitories related to the K-Beauty industry. They will provide domestic beauty service technology training for foreign workers, including those from the Philippines, and promote K-Beauty exports and tourism.
Yoon Won-seok, Head of Incheon Free Economic Zone Authority (right), and Luis Chavit Singson, Chairman of LCS Group, are posing for a commemorative photo after signing a Memorandum of Understanding for attracting the K-Beauty Industry Complex at Songdo G Tower on the 9th. Photo by Incheon Free Economic Zone Authority
According to the agreement, LCS Group must involve domestic and international competitive beauty industry specialists in the project within one year and prepare a business plan that includes a workforce development program in cooperation with the Philippine government to train personnel in K-Beauty technology.
This project passed the review of the Incheon City Investment Attraction Planning Committee last October, and LCS Group reported a foreign direct investment (FDI) of 100 million USD (about 143 billion KRW) on the 11th of last month.
LCS Group is known as one of the top 10 conglomerates in the Philippines with total assets of approximately 2.3 trillion KRW and 15 affiliates in mining, energy, automotive, aviation, and other sectors.
In April, Luis Chavit Singson, who is a member of the Philippine House of Representatives and chairman of LCS Group, expressed investment intentions to Incheon Mayor Yoo Jeong-bok, accompanied by key executives including his daughter, Licselle Singson, vice chairman of LCS Group. Subsequently, in May, at the 'Incheon City Global Top Ten Cities Investment Attraction Briefing' directly hosted by Mayor Yoo Jeong-bok, a mutual agreement was reached between Incheon City and LCS Holdings Inc.
Yoon Won-seok, head of the Incheon Free Economic Zone Authority, said, "We expect the K-Beauty Industry Complex to contribute to the revitalization of Songdo International Business District and the expansion of K-Beauty’s overseas advancement."
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