The IFEZ Announces Its Future Vision for 2030!
On July 15, the IFEZ held a “reporting session ‘to communicate with citizens on the direction of future development.”
The strategies and tasks announced during the event showed the promise and will of the IFEZ, along with its dreams of global future development.
The IFEZ has achieved growth in leaps and bounds over the 17 years since it was designated as a Free Economic Zone (FEZ) in 2003. First of all, the scale of Foreign Direct Investment (FDI), based on reported amounts, has reached 12.8 billion USD, taking up 70% of the total FDI amount (18.3 billion USD) for all seven FEZs in Korea. In addition, the IFEZ is enhancing its presence as a global city by inducing 15 international organizations, including the Green Climate Fund (GCF), and laying the groundwork to become the world’s largest manufacturing hub for biopharmaceutical products, and by drawing in cuttingedge industries.
However, due to the spread of COVID-19, the advent of the era of the Fourth Industrial Revolution, the central government’s implementation of the Korean New Deal, and changes to FEZ policies, some evolution has been required in terms of the IFEZ’s vision and growth engine. Under such circumstances, the IFEZ organized an arena for communicating with citizens in order to respond actively to internal and external environmental changes and to set up differentiation strategies for the future, marking 2030 as the target year for new development.
At the session, the IFEZ announced its ‘global business frontier’ vision and outlined the strategies for establishing a global business hub city, future new growth industrial city, service industry hub, and attractive city for people to live in. Based on this, the IFEZ will lead K-bio with its global bio-healthcare cluster that will create more than 20,000 jobs and will play the role of leading the cuttingedge materials, parts, and equipment industries. Along with this, a shopping and fashion cluster will be established by building a tourism belt centered around a new resort complex, implementing the three-phase foundation of Songdo Convensia, and expanding the Fashion Institute of Technology (FIT) — the world’s top fashion school — allowing the IFEZ to become the hub for MICE and service industries. At the same time, the city continually strives to establish an attractive environment that people will want to live in, and this has been solidified through initiatives like establishing the Songdo Dulle-gil Trail and cultural platform, building transportation infrastructure, and vitalizing the Smart City.
Lee Won-jae, the IFEZ commissioner, said, “We will actively implement the execution tasks that have been disclosed before citizens so that the IFEZ may become an outstanding global city and the future growth engine for Korea, as well as Incheon.”
PROJECTION OF THE FUTURE IN 2030