Incheon Free Economic Zone to release 'growth road map' this year

Incheon Free Economic Zone unveiled its 2040 growth roadmap to attract foreign investment and expand its size.

Yun Won-sok, the commissioner of Incheon Free Economic Zone Authority, second to right, visits Incheon Startup Park in Songdo, Incheon. [INCHEON FREE ECONOMIC ZONE AUTHORITY]

Incheon Free Economic Zone (IFEZ) is working on a growth road map aiming to attract a higher amount of foreign investment and enlarge its size.

The plan, which outlines the economic zone's strategy leading up to 2040, is scheduled to be released in the second half of this year.

Yun Won-sok, the newly appointed commissioner of Incheon Free Economic Zone Authority (IFEZA), recently held a series of internal and external meetings to check the progress of different projects and discuss ways to deploy global networking resources for funding.

He also discussed plans to help startups enter overseas markets in the beginning phase.

IFEZ is one of the nine Korean Free Economic Zones, which provide financial benefits to foreign investors.

It was the first free economic zone to be established in Korea in 2003. Incheon’s Songdo, Yeongjong Island and Cheongna district are the three areas designated as free economic zones.

Commissioner Yun met with government officials on Monday to ask for strong support for IFEZ to help the area smoothly proceed with its projects.

Yun visited the Industry and Finance Ministries to seek financial support for its current projects and to designate additional lands in Incheon, such as the southern part of Ganghwa Island and the Inner Harbor, as free economic zones.

Commissioner Yun will visit on-site project areas, related institutions, firms and international organizations in free economic zones starting Thursday to listen to workers' voices and communicate with them, according to IFEZA.

“We will make an effort to maximize the outcome by attracting investment and fostering innovation within our strategic industries,” Commissioner Yun said. “We will also expand the IFEZ site to play a central role in making the ‘New Hong Kong City’ and ‘Jemulpo Renaissance’ projects successful.”

“By reinforcing cooperation with related organizations, such as Korea Trade-Investment Promotion Agency, we will develop the IFEZ into a world-class city going beyond Dubai and Hong Kong while creating a new wave of change and innovation.”

BY KIM JI-YE [kim.jiye@joongang.co.kr]