IFEZ outlines ambitious 2040 vision for Incheon development

Incheon will focus on fostering innovation in key industries to further attract foreign direct investment (FDI) and grow into a top 10 global business hub, speakers said at a forum discussing the port city’s past achievements and goals for 2040.

Incheon Free Economic Zone (IFEZ) Authority Commissioner Yun Won-sok speaks during his welcome speech as part of the IFEZ 2040 Vision Forum at the Gyeongwonjae Ambassador Incheon Hotel on Tuesday. [INCHEON FREE ECONOMIC ZONE AUTHORITY]

Incheon will focus on fostering innovation in key industries like biotechnology and digital health care through policy incentives and investment in infrastructure to further attract foreign direct investment (FDI) and grow into a top 10 global business hub, Incheon Free Economic Zone (IFEZ) Commissioner Yun Won-sok said at a forum discussing the port city’s past achievements and goals for 2040 on Tuesday.

The Incheon Free Economic Zone (IFEZ) 2040 Vision Forum was held at the Gyeongwonjae Ambassador Incheon Hotel, hosted by the IFEZ Authority as part of the region’s 21st anniversary celebrations since its designation and development in 2003. The hotel is hosting a festival including performances, exhibitions, food zones and a flea market open to citizens from Tuesday to Thursday.

The Vision Forum invited speakers including Sookmyung University business Prof. Oh Joon-seok and Incheon Institute global city researcher Yoon Suk-jin to discuss development strategies in keynote presentations and a panel discussion.

Speakers discuss strategies for the Incheon Free Economic Zone's (IFEZ) future development in a panel dicussion at the IFEZ 2040 Vision Forum held at the Gyeongwonjae Ambassador Incheon Hotel on Tuesday. [INCHEON FREE ECONOMIC ZONE AUTHORITY]

“Incheon is a creative city," IFEZ Commissioner Yun said in a welcome speech at the forum’s Declaration Ceremony. "It used to be a mud flat but has since developed into a futuristic global city. This forum is to share IFEZ’s vision for the city in the next 20 years.”

He shared the authority's plans to develop Songdo's districts 6 and 8 into global trade and startup centers, create jobs in Yeongjong by attracting large companies and grow Cheongna into a global content hub with culture and performance spaces.

An action plan will be finalized by the end of the year, the chief said.

The city should form concrete goals with solid performance indicators in the categories of technology, community and entertainment to become a human-centric city, consulting firm Caleb & Company head Bae Ki-won said in the first session.

He suggested the following benchmarks: a GDP per capita of $100,000, a total of 8,000 global businesses in the city and a top 20 ranking among global technology clusters by 2040.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]