Incheon Free Economic Zone Authority-NSIC Formulate Development Strategy for Undeveloped Areas in Songdo International Business District

Lee Won-jae, head of the Incheon Free Economic Zone Authority (right), and Shin Moon-sik, CEO of NSIC, are posing for a commemorative photo after signing a memorandum of understanding regarding undeveloped land in the Songdo International Business District.
[Photo by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] Development of undeveloped land in the Songdo International Business District within the Incheon Free Economic Zone is expected to accelerate.

The Incheon Free Economic Zone Authority announced on the 16th that it has signed a memorandum of understanding (MOU) with Songdo International City Development Co., Ltd. (NSIC), the joint project operator of the Songdo International Business District, to establish a development strategy for the undeveloped land.

The MOU focuses on mutually consulting to establish a development strategy for the undeveloped land by the end of this year.

Both parties plan to set feasible investment attraction targets, gather opinions from various groups, and mutually consult on related administrative procedures to prepare the development strategy.

The Songdo International Business District development project involves constructing office, commercial, educational, and residential facilities over an area of 5.8㎢ in Songdo 1 and 3 districts. The project operators are Incheon City and NSIC, and currently, about 74% of the development has been completed.

Development began in 2005, and buildings such as POSCO Tower, Songdo Convensia, Chadwick International School, Central Park, and Art Center Incheon have been established. However, due to several years of real estate market stagnation, deteriorating investment conditions, and conflicts among NSIC shareholders, the development project has somewhat stalled.

The Incheon Free Economic Zone Authority expects that with the signing of this MOU, the development of the Songdo International Business District will accelerate, revitalizing commercial areas such as Canal Walk and Art Foret.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "We will do our best to establish a cooperative system with NSIC to ensure the project proceeds quickly and smoothly."

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