INCHEON FREE ECONOMIC ZONE AUTHORITY

By Kim Jae-beom
Director of media & culture division

I am very glad to see the Incheon Free Economic Zone Authority being recognized at The Korea Herald Marketing Awards, hosted by the nation’s No. 1 English news daily.

The prize is significantly meaningful, as I believe that our efforts and passion toward the vision of a “global business frontier” is eventually acknowledged by the paper. Being designated as Korea’s first free economic zone, aimed at bolstering national competitiveness by raising new growth engines, IFEZ marked the 18th anniversary of its foundation this year.

IFEZ has become a globally prestigious city beyond the nation’s flagship free economic zone over the past 18 years. Simultaneously, it is taking the initiative in reinvigorating the national economy and innovative growth as well as taking on the future of Incheon.

The zone suggests a model for attraction of inbound investment, given that foreign direct investments in IFEZ made up 72.2 percent of the total FDI in nine FEZs nationwide as of September this year. Further, it has become a regional mecca for international organizations by attracting 14 UN-related or other first-tier entities, including the Green Climate Fund and the World Bank Korea Office.

Among other core performances were the establishment of the Incheon Global Campus, where five foreign universities including the State University of New York, Korea are located; and launch of the Incheon Startup Park in February, which was designed to foster the Korean version of Silicon Valley by cultivating high-end “unicorn” enterprises.

Performances in the bio sector in Songdo-dong, Incheon, are particularly noteworthy. These included fostering of the Songdo Bio-Cluster; establishment of the fourth factory of Samsung Biologics; ongoing construction of Songdo Severance Hospital; attraction of the center for raising manpower resources for bio manufacturing process and development; and attraction of K-Bio Lab hub. Among others were groundbreaking for the third Landing Bridge and moves to build the Cheongna Medical Complex Town.

While these performances were realized on the back of encouragement and support from businesses, relevant organizations and universities, I also would say that promotion and communications -- via media advertisements -- with a variety of social brackets much contributed to the zone’s success.

The IFEZ Authority is planning to release diversified advertisements, as part of our efforts to attract more FDIs and effectively inform the globe of our unique merits. Thank you.