Activities of the IFEZ
leading Innovative Growth

1. Advanced reservation for supply of land in preparation of Step 2 in developing Yonsei Univ.

For these facilities, a reservation made on December 31, 2019, secured 338,494 m² of land in Zone 11, Songdo. Signed by the IFEZ, Yonsei University, and Songdo International Complex, this Reservation Agreement specifies that the Severance Hospital must have at least 500 beds and that, for successful development of the high-tech industry-university-research institute cluster, it must employ over 1,000 researchers, consisting of graduate school students and post-doctorate researchers. The agreement had been preceded by nine working meetings, beginning in March 2019, in preparation for this proiect and construction of the Severance Hospital and Yonsei Science Park. The amended plans will then be subject to investigation by the Ministry of Trade, Industry and Energy in April 2020. The confirmed amended plan for Songdo International Business District (IBD) will then be put to signing for the project and official land contract around September.

2. IFEZ signs MOU with NSIC on undeveloped land in Songdo IBD

On January 15, 2020, the IFEZ and New Songdo International City Limited Liability Company (NSIC) signed an MOU on the establishment of development strategies for the undeveloped land in Songdo International Business District (IBD). The Songdo IBD development project is centered around the establishment of facilities for business, commerce, education, and residence across an area of 5.80 km² in Zones 1 and 3 of Songdo. The project is led by Incheon City and NSIC, and about 74% of the development has been completed. Since 2005, the development project has seen the establishment of POSCO Tower – Songdo, Songdo ConvensiA, Chadwick International School, Central Park, and Arts Center Incheon. While playing a core function in Songdo, further development has been dwindling due to recent stagnation in the real estate market and aggravated investment conditions. Once the MOU serves to accelerate the previous dulled progress in the development of buildings for business, the commercial activities around Canal Walk and Art Fore are expected to be activated.

Songdo International Business District

· Location : Across Zones 1 and 3 in Songdo
· Size : 5.80 km²
· Development Progress : About 74%/p>

3. IFEZ-IPA holds Joint Investment Promotion Council meeting

Held on December 11, 2019, this was the first meeting since the IFEZ’s signing of a business agreement with the Incheon Port Authority (IPA) in September 2019, known as the “Business Agreement on the Composition and Operation of the IFEZ-IPA Joint Investment Promotion Council (JIPC).” In this meeting, the IFEZ-IPA JIPC shared the present status of the development project already in progress in the Golden Harbor and Port-Hinterland area and discussed diversified means for facilitating investment attraction in 2020. Close cooperation and synergic effect generation with the IPA are essential for the IFEZ’s success in investment attraction. The IFEZ-IPA JIPC will make efforts to apply ideas presented in the first meeting and substantiate them gradually into practical investments, allowing the successful development of the Golden Harbor and Port-Hinterland to be linked with the general economic advancement of Incheon.

Golden Harbor and Port-Hinterland

· International Passenger Terminal with an area of 1,325,000 m²
· Land for multi-purpose and support facilities 430,000 m²
· Step 1 214,000 m² : Resort, etc., focused on shopping mall complexes
· Step 2 216,000 m² : Marina, etc., focused on resort complexes

4. IFEZ-Academic Society for Incheon Studies holds Joint Academic Forum

This event served as an experimental venue to review the IFEZ’s innovative strategies, development, and investment performances, as well as to investigate the governance system for industry-university-research institute-government connected activities. The joint academic forum began with a presentation by Kim Kwang-suk, Director of the Economic Research Division at the Institute for Korean Economy & Industry, where he elaborated on the topic of “Innovative Strategies of Free Economic Zones”. Dr. Kim emphasized the roles of the IFEZ as the venue for regulating innovation and the axis of the innovative ecosystem. Next, Dr. Hur Dong-hoon, Director of the Incheon Public and Private Infrastructure Investment Management Center Promotion Team at the Incheon Institute, spoke on the topic of “Talking about the IFEZ.” As part of the industry-university-research institute-government cooperative project, the joint academic forum was co-hosted by local academic research circles.

5. IFEZ holds presentation on Cheongna Medical Complex Town construction project for public offering

On January 9, 2020, over 70 participants were on hand to witness a presentation on the project plan and related procedures, followed by a Q&A session. The building of Cheongna Medical Complex Town includes a comprehensive project plan that encompasses general hospitals, medical-related businesses, medical-bio-related industry-university-research institute facilities, and facilities of convenience for medical tourists. The IFEZ classified part of BL2 in the lot for land investments for industrial facilities and land for the facilities needed to support them. Project plans are open to developers, except that the capacity of the general hospital should be 500 beds at a minimum in order to accommodate the anchoring role needed to suit the aim of the complex development. The public offering will continue until March 30, 2020, for business proposals, and preferred bidders will be chosen from the submitted proposals in April.

Cheongna Medical Complex Town

· Location : Part of BL2 in lot for investment, Cheongna
· Area : 261,635 m2
· Purpose of land use : 70~75% as lots for industrial facilities, 25~30% as lots for support facilities
· Major facilities : General hospital, clinics, medical colleges, industry-research facilities, etc.

6. IFEZ opens Industrial Innovation Academy

The future of traditional manufacturing business
January 16, 2020, marked the date for a gathering of those interested in the fields of traditional manufacturing industries. The “IFEZ Industrial Innovation Academy in Traditional Manufacturing Industries,” co-hosted by the IFEZ, the Incheon Institute, and Incheon National University, brought together not only businesses and academic circles but also college students and citizens interested in participating and improving their understanding on the present status and future prospects of Korea’s domestic manufacturing industry, along with a discussion on the establishment and facilitation of a cooperative industry-university-research institute-government network. On the topic of “Environmental Change for Small and Medium-sized Businesses in the Fourth Industrial Era,” the academy mainly covered how Korea’s traditional manufacturing industries can undergo organic convergence and cooperation to adjust to the changing industrial environment.


Directions for core robot technology
The robot industry is in the spotlight again with the Fourth Industrial Revolution. Amidst this atmosphere, the “IFEZ Industrial Innovation Academy on Robots and Drones” opened on January 29, 2020. The academy was launched for business companies across Incheon in fields related to robots, drones, and other unmanned vehicles in order to enhance understanding of the present status of the industry and core technologies. It also served as a venue for establishing networks among industry-university-research institute-government and exploring ways to facilitate cooperative works. The talk was chaired by Incheon National University Professor Park Dong-sam, with presentations given by Incheon National University professors: Kim Yeong-jin and Chang Han-tteut on “The Present and Future of Disaster-rescue Robots” and “Core Technologies for Physical Interactions between Humans and Robots,” respectively.

IFEZ’s Industrial Innovation Academy

The IFEZ, the Incheon Institute, and the Industry-University Cooperative Center of Incheon National University will join forces to operate an academy on a regular basis, based on five business areas.

Five Business Areas

Smart City·Energy


Smart MICE


Traditional Manufacturing Business

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