IFEZ sends tech delegation to the United States to expand ties, investment

Guest Reports

IFEZ sends tech delegation to the United States to expand ties, investment

Published: 28 Aug. 2024, 11:32

IFEZ and Bay Area K-Group signed an MOU to cooperate on advanced industry exchanges between Incheon and Silicon Valley. (From left to right) Kim Won-yeon, Director of Investment Attraction Planning at IFEZ, David Lee, Shim Jin-seop, co-CEO of Bay Area K-Group, Commissioner Yoon Won-seok, Kevin Kim, head of the Mobility Group at Bay Area K-Group, and Kwon Oh-hyung, Director of KOTRA Silicon Valley Trade Center. [INCHEON FREE ECONOMIC ZONE AUTHORITY]

The Incheon Free Economic Zone Authority (IFEZ) sent a delegation to the United States to announce the regional “Northeast Asian Global R&D Hub “strategy and hold an Investment Attraction(IR) Briefing for potential international investors.

Led by IFEZ Commissioner Yoon Won-seok, who was joined by representatives from five Incheon-based startups — nSAGE, FutureSense, IliasAI, Ninewatt and IDCITI — the Investment Attraction Delegation participated in various events and meeting sat the Korea-U.S. Conference on Science, Technology and Entrepreneurship, now in its 37th edition, held in San Francisco, California from Aug.21 to 24.

The delegation led a forum called “Establishing a Cross-Border Redub between Korea and the U.S.” during conference, the biggest bilateral event in science and technology hosted by the Korean-American Scientists and Engineers Association.

Over 1,000 professionals, from Nobel laureates and government officials to members of major Korean research groups, universities and corporations were in attendance. The IFEZ delegation was present for the R&D Leadership Forum, Sponsor Forum, IR Pitching Competition and Bay-K Social Special Forum to present its IR achievement and R&D Hub strategy to global investors and scientists from Korea.

Hosting the forum on “Establishing a Cross-Border R&D Hub between Korea and the U.S.,” Commissioner Yoon actively strove to attract investors to establish an IFEZ Global R&D Center. He also hosted the IFEZ Forum, opening with an introduction to Incheon’s selection as a bio-specialized complex and its R&D Hub strategy.

Topics covered included the specifics of R&D cooperation in bio-technology, healthcare and AI smart manufacturing as well as avenues of accessibility for Incheon startups into the U.S. market, with a panel led by Michael Lepech, director and professor at the Stanford Center Incheon Global Campus, Korea Institute of Industrial Technology Director Choi Tae-Hoon, Johns Hopkins University Professor Kim Deok-ho, Bay Area K Group’s co-president, Sim Jin-seop, Mobility Service Group Leader Kevin Kim, ABLE Lab CEO Sang Shin and Gachon University Professor and nSAGE CEO Bonghee Lee.

Commissioner Yoon also participated in the panel of the “R&D Leadership Forum,” meeting up with representatives from the U.S. National Research Foundation and Korean Research Institutions to introduce the Global R&D Hub being established in Incheon and gain insight into the status of joint research.

Joining the commissioner at the Bay-K Social Special Forum were Bay Area K-Group Co-CEO Shim Jin-seop and Kotra Silicon Valley Trade Center Director Kwon Oh-hyung among others, where a memorandum of understanding was penned between IFEZ and the Bay Area K-Group.

The Bay Area K-Group, the largest Silicon Valley IT network for Koreans, with over 5,800 members, agreed to work with IFEZ to promote advanced industry exchanges and the entrance of the U.S. market.

Representatives from the Incheon based startups attended the IR Pitching Competition, with three making it to the finals and drawing interest from investors.

IFEZ’s efforts opened the door to U.S. investment as well as entrance by Incheon-based firms into the U.S. market.

Before departing for the conference, Commissioner Yoon said, “Once Incheon develops into a Global R&D Hub and attracts outstanding scientists and talent, not only will it attract promising corporations from all over the globe, but also create a global entrepreneurial ecosystem, facilitating Incheon’s rise to become a global top10 city.”

BY KIM YEONSOO [kim.yeonsoo1@joongang.co.kr]

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