Investment

IFEZ-Aekyung Group signs land contract to
build Advanced Institute of Technology

Aekyung Group signed a land contract with the IFEZ on January 21, 2020. This contract reaffirmed the
stature of IFEZ Songdo as the Mecca of research in high-tech future technology.

AK Holdings’ headquarters building (Mapo-gu, Seoul)

With this land contract signing, which took place on January 21 at Incheon City Hall, CEO Ahn Jae-seok of AK Holdings, the holding company for Aekyung Group, expressed his ambitions in stating, “This will provide the necessary momentum to complete a quantum jump forward for Aekyung Group’s main businesses: chemistry, living artifacts, and cosmetics.” The present contract came as a result of the process of advertising, judging, and negotiating for “Companies wanting to move in based on the attraction of Korean corporate research institutes in the High-Tech Industrial Cluster of Songdo.” Using this momentum, the IFEZ is expected to help elevate the stature of Songdo as the Mecca of research in high-tech future technology, and the IFEZ will continuously apply administrative support to promote the sustainable growth of Aekyung Group within the IFEZ. As part of its managerial innovation, Aekyung Group will also organize a new team to be put in charge of research in basic, original, and future technology at the Aekyung Group Advanced Institute of Technology.

Aekyung Group Advanced Institute of Technology (Tentative)

· Location : Within the High-Tech Industrial Cluster (B) of Songdo
· Size : 28,722 m2 of land / 43,000 m2 of total floor area / Over 400 researchers
· Construction schedule : To be completed in the second half of 2022

Korean liaison office for CTCN
to be housed in Songdo

In support of greenhouse gas reduction in developing countries, the Korean liaison office of the CTCN will open in Songdo. With this, the IFEZ now becomes the only place in the world to host both the UNFCCC’s financial entity, GCF, and its technological entity, CTCN.

At the 25th United Nations Climate Change Conference (COP25), held in Madrid, Spain, from December 1 to 14, 2019, Incheon Metropolitan City received final confirmation for building the first CTCN (Climate Technology Center & Network) liaison office, to be established in Songdo. Mark Radka, Head of the UNEP Paris Branch, and Rose Mwebaza, Director of the UN CTCN, indicated that the office would open in the first half of 2020. Incheon City and the IFEZ will provide the human resources for initial operations with around 10 persons, along with a part of G-Tower’s 23rd floor, where the office will be located. Prior to COP25, back in August 2019, the CTCN suggested the idea of establishing a local office in Korea, which was followed by an MOU signing in December between the UNEP and Korea’s Ministry of Science and ICT. Its potential for success is backed by the fact that its upper-level organization in the CTCN, the Green Climate Fund (GCF), has already been established in the IFEZ. Once the CTCN office is finally opened, the IFEZ will boast a total of 16 international organizations.

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