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| Officials from Incheon Metropolitan City and foreign chambers of commerce in Korea attend a roundtable meeting at Gyeongwonjae Ambassador Incheon in Songdo, Tuesday. Korea Times photo by Choi Won-suk |
Port city unveils projects to attract foreign businesses for globalization
By Jung Da-hyun
Incheon Metropolitan City has set its sights on becoming one of the global top 10 cities with pivotal projects that it hopes will help attract global industries to the port city.
The city government hosted a roundtable meeting in Songdo, Tuesday, with foreign chambers of commerce in Korea to introduce the city's business policies and gather opinions on its key projects.
"I hope this meeting represents a meaningful opportunity for us to further strengthen the business network toward our mutual growth," Incheon Mayor Yoo Jeong-bok said.
Oh Young-jin, the president-publisher of The Korea Times, who moderated the discussion, said, "Incheon's globalization is not just important for the city but will also lead the country in a good aspect."
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| Incheon Mayor Yoo Jeong-bok speaks during a roundtable meeting with foreign chambers of commerce in Korea at Gyeongwonjae Ambassador Incheon, Tuesday. Korea Times photo by Choi Won-suk |
As part of its business policy, Incheon unveiled two pivotal projects. One of these, known as the New Hong Kong City, focuses on positioning Incheon as a global hub. This includes creating an optimal business environment to attract investments.
The world's second and third semiconductor post-process companies are already in Incheon, and the city boasts world-leading capacity in bio-similar production. Leveraging these strengths, Incheon aims to become a hub for semiconductor post-processing and a center for biotechnology.
In addition, Incheon is focusing on establishing a sustainable RE100 special zone, expanding renewable energy sources and nurturing RE100 company clusters. The city aims to lead the way toward global carbon neutrality and promote green industries with the project.
Incheon ranked as the world's second-largest aviation logistics hub as of 2021, and it possesses cutting-edge port facilities. The city expects to position itself as a global logistics center through the expansion of value logistics by integrating the marine and aviation industries.
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| Ryu Yoon-ki, the director general of the Global City Department at the Incheon Metropolitan City, presents the city's policies during a roundtable meeting with foreign chambers of commerce in Korea at Gyeongwonjae Ambassador Incheon, Tuesday. Korea Times photo by Choi Won-suk |
Creating a global urban space is another key objective of the New Hong Kong City project. For instance, the Overseas Korean Agency was opened Incheon in June,to connect with 7.5 million overseas Koreans. It will also host APEC 2025 meeting as part of a plan to attract international events in the city.
Furthermore, Incheon plans to connect approximately 40 islands within its territory, with each island developing specialized strategies to reinforce the city's identity as a maritime hub.
The project also envisions establishing a global foundation by creating iconic landmarks that symbolize Incheon, enhancing the transportation network connecting the sky, ground and underground, and developing a smart city based on AI.
Incheon's "Jemulpo Renaissance" project seeks to integrate culture, tourism and industry.
Jemulpo, a historic port opened in 1883, played a pivotal role in Korea's modernization and industrialization in the 1900s. However, it has since declined due to an imbalance between the old downtown and the new city center.
To revitalize this area, Incheon plans to improve residential conditions in the old town, attract new residents and upgrade existing cultural and tourist facilities such as Wolmido, a famous island in Incheon known for its amusement park. This effort aims to transform Jemulpo into a convergence point for culture and the tourism industries.
"Through these projects, Incheon expects to attract more foreign businesses to the area," a city official said.
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