Incheon Free Economic Zone Authority to Reapply for 'Eulwangsan IPers Hill' Economic Free Zone Status

Consultation with Ministry of Industry to Address Reasons for Disqualification
Establishment of Hallyu Theme Video and Cultural Theme Park around Eulwangsan Area

Aerial view of Eulwangsan 'IPERS Hill' [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The Incheon Free Economic Zone Authority has made a renewed attempt regarding the area around Eulwangsan in Yongyu-do, which recently failed the candidate site evaluation for designation as a free economic zone.

The Incheon Free Economic Zone Authority announced on the 2nd that it plans to reapply for designation as a free economic zone by supplementing the shortcomings through consultations with the Ministry of Trade, Industry and Energy within this month, in relation to the 'I-Pers Hill' development project underway around Eulwangsan.

The Incheon Free Economic Zone Authority emphasized that this project is a key initiative necessary to realize the vision strategy of the Incheon Free Economic Zone and plans to reapply for designation as a free economic zone by addressing the issues pointed out in the recent candidate site selection evaluation.

The Incheon Free Economic Zone Authority submitted a development plan amendment to the Ministry of Trade, Industry and Energy to designate 807,000㎡ around Eulwangsan near Incheon Airport as a free economic zone, but failed the evaluation held last month.

Previously, in the second half of last year, the Incheon Free Economic Zone Authority held a public contest for the development project around Eulwangsan and signed a business agreement for the 'I-Pers Hill' project worth 230 billion KRW with the private company SG Industrial Development.

This project involves creating a global video and cultural theme park themed around Hallyu, including K-Pop, movies, and dramas, in the Eulwangsan area by the end of 2024.

An official from the Incheon Free Economic Zone Authority stated, "'Eulwangsan I-Pers Hill' aims at a convergence industry of video, culture, and tourism, which aligns with the designation purposes under the Free Economic Zones Act and the 2nd Basic Plan for Free Economic Zones, and is an essential key project to realize the vision strategy of the Incheon Free Economic Zone (marine leisure, cultural arts content)."

The official added, "Since SG Industrial Development, the prospective project implementer of I-Pers Hill, has a strong intention to proceed with the project, we plan to reapply for designation as a free economic zone by supplementing the issues raised during the candidate site selection evaluation process together."

This content was produced with the assistance of AI translation services.