Global Business Frontier Incheon Free Economic Zone Authority

Smooth construction of Cheongna City Tower

After construction began in November 2019, Cheongna City Tower is now in the process of receiving design approval from the construction advisory committee for its revised design. Following this approval, it will go through an investigation of the landscape, transportation, firefighting efficiency, architectural considerations, construction permission, and structural safety before full-fledged construction begins with work on the tower’s steel piles in the latter half of this year. In addition, the plan is to install fences around the site of Cheongna City Tower within Cheongna Lake Park by the end of 2020 and to finish earth work by the end of September.

Work in progress to block COVID-19

The Yeongjong Sky Culture Center and IFEZ Promotion Hall in G-Tower were temporarily closed. The visiting programs at the Operation Center and Smart City will be put on hold until the current warning period has been lifted. Songdo ConvensiA conducted disinfection procedures all over the area from February 3 through 7, and continued disinfection efforts will be held on a weekly basis going forward. Full caution is being taken in these efforts, such as through the availability of disinfected mats and thermal cameras.

KOSCA presents Plaque of Appreciation to IFEZ

During the 35th general meeting, held on January 30, 2020, hosted by the Incheon Chapter of the Korea Specialty Contractors Association (KOSCA), the IFEZ was awarded the Plaque of Appreciation for its contributions to the advancement of local professional construction companies in the Incheon area. This award is in recognition of discussion forums organized on a quarterly basis for the completion of projects within the IFEZ.

Restoration of profits completed from development of Zone 6 in Songdo

For profits from the development of apartments in BL A11, with inhabitants already having moved in, the IFEZ and SLC (Songdo Landmark City Co., Ltd.), the project-implementing company for the development project for Zones 6 and 8 of Songdo, conducted an investigation and discussion through a certified accounting firm. The result was that the internal profit ratio had been overestimated by 12%. Based on this result, there was the necessary retrieval of 50% of the extra profits, or KRW 15.9 billion, now completed.

Startup Park recruits private operational companies

For the stage-by-stage opening of Startup Park in Tomorrow City in Songdo set for the latter part of 2020, an ad was presented for civil institutes to operate ‘Space to Foster Civilian-led Startups’ until February 10. The chosen institute will invest operational funding for startup support and investment in the three stories of Startup Tower I. Startup Tower I will act as a private-based fostering program for startups and ventures to inhabit and exchange ideas in an open environment for research.

Full-fledged development started for Cheongna IBD

A core project for Cheongna, the development of the International Business District (IBD) has progressed into full-fledged operation in 2020. The development plans are in the amendment process, along with the project driver, Korea Land & Housing Corporation (LH). Once this is completed, a presentation will be made for business investment. Next, there will be public bidding, with preferred bidders chosen no later than during the first half of the year. In step with the rapidly changing industrial environment, Cheongna IBD is intensely developing as an industrial center related with the Fourth Industrial Revolution, including the fields of AI, ICT, and IoT, as well as finance.

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