[Sponsored Report] A vision to become a Global Business Frontier

Guest Reports

Published: 30 Aug. 2016, 20:45

[Sponsored Report] A vision to become a Global Business Frontier

The IFEZ Authority holds its IFEZ vision and strategy 2030 proclamation ceremony on July 19 at the G-Tower in Songdo, Incheon, proclaiming its vision to make Incheon a “Global Business Frontier.” [IFEZ]

The Incheon Free Economic Zone (IFEZ) Authority held its IFEZ vision and strategy 2030 proclamation ceremony on July 19 at the G-Tower in Songdo, Incheon. The ceremony was held to take action against rapid changes in the future based on the development results of Incheon over the last 13 years.

During the ceremony, The IFEZ Authority announced the key information and practice strategies of their new vision, dubbed “Global Business Frontier.”

Yoo Jeong-bok, the mayor of Incheon, pointed out that advanced countries are already working to strengthen competitiveness by setting up regional economic strategies that center on their metropolitan cities. Therefore, he expressed the need to build a Pan Yellow Sea economic bloc centered in Incheon, with the IFEZ leading the way.

The mayor also emphasized that the announcement of Global Business Frontier and its practice strategy of the IFEZ is not just a proposal, but an actual outline for the development of Incheon, as well as Korea.

Yoo Jeong-bok, the mayor of Incheon, gives a speech at the IFEZ vision and strategy 2030 proclamation ceremony. [IFEZ]

Since the opening of its port to foreign vessels in 1883, Incheon has been a “first mover” as Korea’s frontier city both historically and geographically. According to the stated vision of the IFEZ, it will re-recognize the value of Incheon as a “first mover” and help the city to become a “Global Business Frontier.”

One of the development plans is to make Incheon a global economic platform by establishing an economic system that centers on the city. The plan aims to attract investors by making the economic bloc of Pan Yellow Sea the base for global regulation reform, promoting trade between Korea and China by utilizing the platform of the Korea-China Free Trade Agreement (FTA), and making the city into a strong and sustainable global economic platform based on United Nation’s Green Climate Fund, (GCF) headquartered in Songdo.

To make the plan work, the IFEZ Authority will cooperate with the Ministry of Trade, Industry and Energy and Kotra to host an investment convention recognized by the Bureau of International Expositions, as well as attract potential investors such as global corporations and local headquarters.

In particular, the IFEZ Authority will establish a joint committee between Korean and Chinese cities during the second half of this year to improve non-tariff barriers.

To form a Silk Road platform for e-commerce between Korea and China, Incheon and the Chinese city of Weihai signed a Korea-China e-commerce city cooperation MOU. The two cities plan to create and manage a distribution complex for e-commerce between Korea and China.

Also, to make Incheon a hub city for international organizations in Northeast Asia, the IFEZ Authority plans to ask for government support to attract international organizations to the city. To grow the environmental industry based on the presences of the GCF, the Authority will establish the Korea Polar Research Institute and Climate Change Center in the city.

The IFEZ Authority is working to turn Incheon into a pioneering city for the convergence of the service industries. The government had previously announced its plans to foster this convergence service industry with the Ministry of Strategy and Finance overseeing the plan.

In the global education sector, the IFEZ Authority plans to expand the Incheon Global Campus, adding a Fashion School, a Hotel School, a Music School and a Medical School from the existing four campuses of the State University of New York Korea, George Mason University, Ghent University and The University of Utah. Above all, to foster talent to take part in the local industries in the IFEZ, it plans to encourage cooperation between industry and academia.

For the meetings, incentives, conferences and exhibitions (MICE) industry sector, the IFEZ Authority is looking forward to completing the second-stage of construction of the Songdo Convensia convention center as well as hosting a variety of international events. It also aims to make Incheon a frontier city of the MICE industry by developing tourism and culture business opportunities in the IFEZ.

The Authority plans to invigorate the regional economy through spatial concentration of three complex resorts in construction, as well as propose plans for mutual cooperation which can create jobs. Ultimately, it will add another MICE-type complex resort in the IFEZ to make it competitive with resorts in Northeast Asia.

In addition, the IFEZ Authority will develop infrastructure for marine leisure activities such as yachting, as well as facilities for cruise tour businesses which will make use of the Songdo New Port and Incheon Port International Passenger Terminal.

The IFEZ will also be the place of industrial convergence. In the biotechnology sector, by continuously attracting global biotechnological companies to the IFEZ, it hopes to enhance the area’s ability to produce biological medical products and attract other businesses to gain a competitive edge.

In particular, the IFEZ Authority plans to attract companies in the medical treatment and diagnosis sectors in the field of bio industry and help foster small- to medium-sized biotechnology venture businesses.

As for the medical sector, the IFEZ Authority will establish a medically-specialized complex to provide world-class facilities and medical service. By attracting general hospitals specializing in medical treatment and clinical trials, it looks to improve the medical environment of foreigners and Incheon citizens and develop the town into a top destination in the medical and healthcare industries.

Also, the IFEZ Authority will be constructing the Cheongna Incheon High Tech Park as a complex for future automobiles such as electric cars. It will mainly attract industries related to electric and hybrid automotive parts, vehicle software development and robot-related innovation.

The IFEZ will be developed as an environmentally-friendly smart city to enhance urban competitiveness. By using the IFEZ’s own smart technology, it plans to develop and provide smart service through public and private partnerships. Also, in cooperation with the Ministry of Land, Infrastructure and Transport and the Ministry of Science, ICT and Future Planning, the IFEZ Authority will develop “IFEZ’s Smart City integration platform” into a “K-Smart city model.”

In order to create an environmentally-friendly infrastructure, improve the ecological environment of the city and construct an energy-saving city, the percentage of green area in the IFEZ will be enlarged from 41.2 square meters (443 square feet) per person up to 70 square meters. The city will also continue its expansion of resource recycling facilities and sewage water recycling facilities, maintaining its reputation as an eco-friendly city.

To emphasize Incheon’s superb landscape that is frequently featured in TV dramas and commercials, the IFEZ Authority plans to designate landscape areas to be strongly administered and continue reinforcing its policies on design guidelines and nighttime scenery.