Incheon mayor pitches plan to elevate city into 'global top 10'

Incheon Mayor Yoo Jeong-bok on Tuesday unveiled a master plan to develop parts of his city, including Ganghwa and Yeongjong islands, as he appealed to investors by announcing an expanded version of the highly anticipated New Hong Kong City project.

Incheon Mayor Yoo Jeong-bok speaks during an investment presentation held at Inspire Entertainment Resort on Yeongjong Island in Incheon on Tuesday. Yoo unveiled the Global Top 10 City Incheon Initiative, an expanded version of the New Hong Kong City project the same day. [YONHAP]

Incheon Mayor Yoo Jeong-bok on Tuesday unveiled a master plan to develop parts of his city, including Ganghwa and Yeongjong islands, as he appealed to investors by announcing an expanded version of the highly anticipated New Hong Kong City project.

Yoo unveiled these plans during an investment presentation at the Inspire Entertainment Resort on Yeongjong Island. He also renamed the project the Global Top 10 Initiative.

The initiative aims to attract global companies to the city, extending the scheme's scope beyond financial firms leaving Hong Kong as initially announced under the New Hong Kong City project.

The investment presentation was held as the city has faced difficulties attracting global financial companies relocating from Hong Kong.

During his 2022 election campaign, Yoo pledged to position Incheon as a financial hub with the New Hong Kong project.

According to the plan announced on Tuesday, the city will make the southern area of Ganghwa Island environmentally friendly by establishing a hub for the green biofoundry industry and an environmentally friendly residential area powered by renewable energy.

The city is also moving forward with plans to build a bridge between Yeongjong Island, home to Incheon International Airport, and Ganghwa Island, via the island of Sindo. The stretch between Yeongjong Island and Sindo is set to open in late 2025. The city pledged to swiftly construct the remaining span between Sindo and Ganghwa Island afterward.

As part of the Global Top 10 initiative, a welcome village for overseas Koreans will be established on Yeongjong Island. A part of reserved land on the island will be developed for bio and semiconductor industries.

In Cheongna International City, a business district in Incheon, a complex for financial companies and sustainability research will be established. Additionally, Songdo will be developed as a hub for bio industries, according to the city government.

The Inner Port of Incheon Port will host a cultural complex called K-ube, extending from the Jemulpo Renaissance project, which aims to revitalize the area and shed its image as an old, dilapidated city. Jemulpo is the historic port of Incheon.

During the investment presentation, which was attended by some 80 companies, the mayor emphasized the city’s potential for further development, citing cooperative agreements signed with 12 companies, including the Philippine conglomerate LCS Group.

"The city will spare no effort in attracting investment and swiftly advancing projects leveraging Incheon’s strengths and competitiveness to propel it into the ranks of the global top ten cities," the mayor said.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]