Foreign companies are moving into
and rushing to sign contracts with IFEZ
Future city built by the Fourth Industrial Revolution
Companies from nations that are leading advanced fourth industry technologies are rushing to IFEZ. Currently, contracts with major companies in the AI, bio, and blockchain fields are underway to create the hub of the Fourth Industrial Revolution.
IFEZ, which is densely populated with global corporations and international organizations, is emerging as a global Fourth Industrial Revolution hub, offering geographical advantages by being close to Incheon International Airport and its foreigner-friendly settlement
conditions. In the meantime, companies in core technology fields: AI (artificial intelligence), bio, and blockchain, are moving into and signing contracts with IFEZ in a notable effort to preemptively meet the demands of the coming Age of the Fourth Industrial Revolution.
BRC Co., Ltd., an AI company, opened in Songdo and SenseTime, a face recognition technology developer from China, also signed an Intent for Collaboration. In the Bio field, Songdo International
City is emerging as a global bio hub due to investments from global companies: Merck and Saint-Gobain. With the conclusion of a Mutual Cooperation Agreement with Blue Whale, the blockchainbased shared economy company, IFEZ is working hard to attract promising companies and organizations in related fields. Such efforts are expected to boost the competitiveness of future core parts technologies within IFEZ and create employment opportunities in related industries.
Also, Igus, Germany’s small giant and ‘hidden champion (not very well known to the general public but the world’s strongest company customized to the market)’ that embodied the ‘Smart Factory’ idea (intelligent production factory which uses information and communication technology in the production process) by using the core technologies of the Fourth Industrial Revolution, decided to construct advanced parts production and R&D facilities in Songdo as of the end of 2019 and signed a land purchase agreement with IFEZ in October last year. When Igus comes to Songdo, it is expected to intensify the competitiveness of the future core part technology within IFEZ and make a huge contribution to job creation and attraction of employment in related industries.
Merck, the world’s oldest global pharmaceutical, chemical, and life science company established in Germany in 1668, now celebrating its 350th anniversary this year, concluded a land purchase contract with IFEZ for the establishment of the ‘Life Science Operation
Headquarters in Korea’, holding a groundbreaking ceremony for the construction of the headquarters in October last year. Udit Batra, Merck’s CEO for life science, described Merck’s investment in Songdo as the “Investment in the potential of Songdo which is quickly growing into the world’s largest bio hub”.
Also, Saint-Gobain, one of the Global Top 200 Companies according to Forbes, develops and manufactures advanced materials, and has also concluded a land purchase contract for the construction of manufacturing facilities for the Saint-Gobain Bio Fluid System (a group of products that enable the transfer and storage of cell culture fluid and raw materials within the biomedical product manufacturing process) in the Songdo Bio Cluster in September last year. Recently, Bystronic of Switzerland, which is one of the world’s top three advanced metal processing system manufacturer, concluded an investment contract with IFEZ for the establishment of the largest exhibition and training center in the Asia-Pacific region in Songdo. Also, Blue Whale, which is a blockchain-based shared economy
company that has its main office in Singapore, concluded a ‘Mutual Cooperation Agreement’ with IFEZ in order to preoccupy the blockchain arena, core technology of the Fourth Industrial Revolution, and agreed to provide full cooperation to help IFEZ become a blockchain hub city.
Regarding the investment by global companies such as Merck and Saint-Gobain, IFEZ sees that they needed to respond preemptively in the biomedical products market as Songdo International City is capable of producing 560,000 liters of biomedical products, which is the largest in the world when compared with other single cities, stood out in the world’s CMO (Contract Manufacturing Organization) and CDMO (Contract Development and Manufacturing Organization) markets led by Samsung Biologics, Celltrion, and DM BIO.
Especially, since the products that Merck and Saint-Gobain develop and manufacture can be applied to bio-pharmaceutical companies based in Songdo as well as related supply network companies, IFEZ is expecting that they will upgrade the value chain ecosystem of the supply network of the industrial complex in Songdo and old town center to localize production for the supply network of biomedical products and intensify the status of the cluster further.
[Major Companies in Songdo Related with the Fourth Industrial Revolution]
- Development and research of
pharmaceutical medical equipment
- Development of a facial
- Manufacture and research
of biomedical products
- Manufacture and research
of biomedical products
- Platform for a blockchainbased