The Incheon Free Economic Zone has received the highest rating for seven consecutive years in the performance evaluation conducted by the Ministry of Trade, Industry and Energy.
On July 1, the Incheon Free Economic Zone Authority announced that the Incheon Free Economic Zone was awarded the top S grade in the 2024 national performance evaluation of free economic zones by the Ministry of Trade, Industry and Energy. Notably, among the nine free economic zones nationwide, Incheon is the only one to have achieved the highest rating for seven consecutive years.
The Incheon Free Economic Zone Authority received high marks for its systematic management plans, including expanding the super-gap in the bio industry and fostering a culture and wellness city, as well as for its performance in attracting investment and managing large-scale projects.
Aerial view of Songdo International City in Incheon Free Economic Zone. Incheon Free Economic Zone Authority
Last year, the Incheon Free Economic Zone Authority announced the "IFEZ 2040 Vision," outlining the future direction for the next 20 years. The authority began full-scale implementation of four major strategies?leading innovative growth, expanding the bio industry super-gap, enhancing the competitiveness of the culture and wellness city, and ensuring sustainable management?along with 16 action tasks. The Ministry of Trade, Industry and Energy evaluated that the authority demonstrated strong execution in securing long-term growth drivers, including investment attraction, fostering innovative industries, and building global cooperation networks.
Last year, Incheon was selected as a "Bio National High-Tech Industry Specialized Complex," positioning it to lead the national bio industry. The city is driving innovative growth by building an open innovation ecosystem linked to a world-class bio cluster, strengthening corporate R&D capabilities, and expanding the blue bio industry (Marine Eukente Marine Environment Bio Convergence Research Institute), thereby redrawing the map of future industries.
In addition, by leveraging the strengths of the airport economic zone, Incheon is accelerating its transformation into a cultural powerhouse and a wellness city through initiatives such as the "K-Con Land" project targeting Incheon Airport users and metropolitan area consumers, and attracting Therme.
In Songdo International City within the Incheon Free Economic Zone, a bio cluster has been formed, concentrating global top ten companies such as Samsung Biologics and Lotte Biologics, as well as materials, parts, and equipment (SoBuJang) companies like Sartorius. Incheon Free Economic Zone Authority
The Incheon Free Economic Zone Authority was also recognized for accelerating large-scale projects and laying the groundwork for Incheon's leap forward this year. The authority has expanded future growth infrastructure by completing basic facilities in Songdo and Yeongjong, launching the first and second phases of the waterfront construction, passing the preliminary feasibility study for the Incheon New Port access road, and commencing construction on the GTX-B metropolitan express railway line. Investment by bio and materials, parts, and equipment (SoBuJang) companies within the Songdo advanced industry cluster is increasing, and development of individual districts is progressing smoothly.
Despite the global economic downturn and unstable domestic and international conditions, the Incheon Free Economic Zone Authority achieved $605.84 million in FDI last year, driving South Korea's economic growth. This year, the authority is maintaining its foreign investment attraction target of $600 million and is actively pursuing investment in the medical and bio industry, advanced and core strategic industries, and tourism, leisure, and cultural content sectors.
Yoon Wonseok, Commissioner of the Incheon Free Economic Zone Authority, stated, "Achieving the highest rating for seven consecutive years is the result of Incheon preparing for innovation and the future at the center of change," adding, "We will continue to focus on building future industries and advanced infrastructure."
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