Incheon Free Economic Zone Authority Surpasses $600 Million in FDI This Year... Investment Attraction Success in Aviation Complex Culture and More

This year, the Incheon Free Economic Zone Authority (IFEZA) has seen a significant increase in foreign direct investment (FDI) attraction performance.

According to IFEZA on the 30th, FDI based on reported amounts this year totaled $605.5 million, marking a 40% increase from last year's $432.6 million.

Overcoming the stagnation period during the COVID-19 pandemic, when FDI was $392.3 million in 2022 and $432.6 million in 2023, this year recorded a sharp rise, far surpassing the previous year's performance. As a result, IFEZA's cumulative FDI has reached $15.882 billion.

IFEZA raised its FDI reporting target from the initial $400 million to $600 million this year and exceeded the goal by conducting cross-border, on-site investment attraction activities, including the 'Global Top Ten City Incheon Investment Briefing' held in May.

Incheon Mayor Yoo Jeong-bok is presenting the investment attraction strategy at the 'Global Top Ten City Incheon Investment Briefing' held on May 7th at Inspire Resort in Yeongjongdo, Jung-gu. 2024.5.7 Provided by Incheon City

Companies that reported FDI targeting the Incheon Free Economic Zone this year include Panapinto Global Partners with $200 million (aerospace complex culture), The First Class City PFV with $120 million (aerospace complex culture), LCS Holdings with $100 million (K-beauty), Golden Pacific PFV with $100 million (tourism complex), Lotte Biologics with $21.7 million (bio), Korean Peninsula Offshore Wind with $9.9 million (renewable energy), Songdo Waterfront Complex Development SPC with $6.6 million (urban construction), and Atlas Air Technical Services with $6 million (aviation industry), totaling 119 companies.

Next year, IFEZA plans to actively establish a future advanced industry cluster that attracts global talents by bringing in R&D research facilities, world-renowned schools and research institutes, and hospitals. The additional designation of the 'Ganghwa International City' Free Economic Zone for sustainable innovative growth is also underway, targeting the end of next year.

Also, as the Incheon Free Economic Zone enters a mature development phase, efforts will focus on strengthening the innovation ecosystem together with already established companies, schools, research institutes, and hospitals.

Incheon Mayor Yoo Jeong-bok signed a memorandum of understanding on the 29th (local time) in New Jersey, USA, with real estate development company Panapinto Global Partners and Korean Air to establish an aviation complex cultural facility in Yeongjongdo. Afterward, he took a commemorative photo with related officials, including Yoon Won-seok, head of the Incheon Free Economic Zone Authority (first from the left). 2024.5.30 Photo by Incheon Free Economic Zone Authority

Yoon Won-seok, head of IFEZA, stated, "We will promote attracting global companies’ Asia regional headquarters by cooperating with related organizations such as KOTRA for the existing available land, while also intensifying investment attraction activities in new industries such as smart farms and green bio in areas like southern Ganghwa. Additionally, we will create an AI-based smart city."

He emphasized, "Through this, we will create a 'global business innovation hub city' where global innovative companies and talents gather, and furthermore, play a pivotal role in Incheon’s leap to becoming a global top ten city."

Meanwhile, FDI is an important indicator that enhances growth engines and national competitiveness through the transfer of management and technological know-how from global companies, job creation, and the establishment of a global innovation ecosystem. IFEZA has received an S grade for six consecutive years in the Free Economic Zone evaluation conducted annually by the Ministry of Trade, Industry and Energy, based on excellent FDI performance.