Global Business Frontier

The IFEZ Achieves S-level from the Performance Evaluation of Free Economic Zones in Korea

The IFEZ obtained the top classification of S-level from the performance evaluation of the seven Free Economic Zones (FEZs) in Korea from the 108th FEZ Committee. This S-level certification was in both strategy and performance evaluations. The assessment recognized various exemplary performances of the IFEZ, including its strategy to attract investment, performances in focused business types, efforts for innovative growth in the bio industry, and the differentiation and integration of a multi-purpose resort complex and shopping malls. The evaluation also recognized the IFEZ’s full accomplishment of its goals in attracting domestic business firms, creating new jobs, generating ripple effects through investment attraction, and obtaining FDI on an arrival basis.

The IFEZ to Export Smart City to Peru

The IFEZ is expected to export the Smart City platform to Peru, a South American country. In the capital, Lima, an MOU for cooperation for the Smart City pilot project in the citizens’ safety in the scale of USD 15 million was signed by four organizations: the Ministry of the Interior and Safety (MOIS) of Korea, the Ministry of the Interior of Peru, the IFEZ, and Surco District of Lima. The memorandum specifies not only the sharing of technology and experience, but also fundraising for the project, implementation, and operation. Thus, the entire process of the Smart City project is stipulated for this cooperation, and is considered to guarantee the IFEZ’s export of the Smart City platform.

Construction of Starfield Cheongna Gaining Momentum

On July 31, the deliberation meeting of the Traffic Impact Assessment Deliberative Committee on construction of Cheongna Shinsegae Shopping Complex (Starfield Cheongna) was held. According to the outcome of the meeting, the project was conditionally approved (modification request). The construction of Starfield Cheongna is now expected to gain momentum. The meeting had been initiated by the IFEZ as the single proposer for the agenda. The approval was granted under seven conditions: additional establishment of an east gate by removing the buffer green zone, implementation after establishing an improvement plan for North Cheongna IC, establishment of a traffic monitoring plan for three years before and after the construction, and implementation of any project for improvement when requested.

The IFEZ Receives Award from the Prime Minister for its 3D Spatial Data Service

The IFEZ was awarded by the Prime Minister at Smart Geo Expo 2019 for its 3D Spatial Data Service. The award was in recognition for the IFEZ’s contributions to the national development on spatial data, with excellence and usability. The IFEZ 3D Spatial Data Service enables users to display spatial data, such as aviation pictures for the last 11 years, 3D modelling, and aviation-VR that shows the present and the past of Songdo, Yeongjong, and Cheongna International Cities, using PC and mobile devices, without installing GIS-related programs.

Exhibition on Integrated Resort and Industrial Conference Held for the First Time in Korea

From July 17 to 18, an exhibition on the integrated resort and an industrial conference were held at Songdo ConvensiA for the first time in Korea. The IFEZ held an investment road show, presenting the development status and investment environment of Yeongjongdo integrated resort and promoting the new jobs to be created from the development. Paradise City made a presentation on the project progress and vision, drawing attention from integrated resort experts from home and abroad and potential investors. At the event, more than 250 experts in the field from all over the world attended and shared the latest information on the entire industry.

Establishment of Tiered Parking Building in the Vicinity of Unseo Station, Yeongjong International City

In the vicinity of Unseo Station, Yeongjong International City, where the demand for parking space is recently skyrocketing, a tiered parking building will be built with the capacity to accommodate 1,038 vehicles, including buses and sedans. In order to boost the traffic convenience of visitors and to address the parking difficulties in the area, the IFEZ decided to establish a multi-story car park. The parking building will be completed in September 2020 with four floors in a total area of 31,320㎡ in the vicinity of Exit No. 1 of Unseo station.

18 Proposals from Citizens on Improving Daily Lives Confirmed to Obtain Budget

On August 7, the IFEZ held a discussion session on budget allocation. At the discussion, 18 proposals (10 projects), including installing yellow traffic lights and smart crosswalks in school zones, were confirmed to receive support through the citizen-participation budget. The projects proposed by citizens and confirmed here will be submitted to the ‘citizen participatory budget assembly,’ which will be held at Tri-bowl, Songdo International City, on September 26. Then, the ideas will be included in the special financial budget for 2020 FEZ projects and finally confirmed at the Incheon Metropolitan Council through consideration and decision. The total expense on the adopted projects will be approximately KRW 1.8 billion.