Incheon Free Economic Zone Prepares '2030 Blueprint'... Establishing the World's Largest Bio Cluster

Expansion of Global Campus and Promotion of Songdo Convensia Phase 3
'Art Center Incheon' Phase 2 and Establishment of Video-Culture Cluster
Concentration of Yeongjongdo Complex Resort and Development of Yongyu-Muui Marine Tourism Leisure Complex

Aerial view of Songdo International City in Incheon Free Economic Zone [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The Incheon Free Economic Zone Authority has unveiled the '2030 Future Vision' for the Incheon Free Economic Zone, encompassing Songdo, Yeongjong, and Cheongna, to respond to new environmental changes such as the 4th Industrial Revolution and the creation of an innovation ecosystem.

The Incheon Free Economic Zone Authority will pursue four strategies and 15 tasks: ▲Global Business Hub City ▲Future New Growth Industry City ▲Service Industry Hub ▲Attractive City to Live In.

First, as a core project to create a future new growth industry city, it plans to establish the world's largest bio cluster in Songdo International City by 2030.

The authority plans to expand the bio cluster, currently developed on 920,000㎡ in Songdo Districts 4 and 5, by connecting it to the newly reclaimed Songdo District 11, increasing the total area to 2 million㎡, raising the number of resident companies to 700, and expanding employment from the current 5,000 to 20,000.

In particular, it aims to complete the bio healthcare value chain, which links 'research and development - clinical trials - reliability verification - production,' and expand the total bio-pharmaceutical production capacity from 560,000 liters to over 1 million liters. Additionally, it plans to attract comprehensive medical facilities such as Severance Hospital in Songdo to provide advanced medical services and connect them with bio research.

Currently, the bio cluster in Songdo Districts 4 and 5 houses leading global bio companies engaged in research and development and product manufacturing. Over 60 bio and healthcare research, manufacturing, and service companies, including Samsung Biologics and Celltrion, have settled there, boasting the world's largest bio-pharmaceutical production capacity for a single city.

Aiming to become a 'Korean Silicon Valley,' the 'Incheon Startup Park,' opening in Songdo by the end of this year, will transform into a prime location for innovative growth and startup ventures by nurturing 450 innovative companies, supporting 1,850 commercialization projects, and fostering over 2,000 talents. Especially, the Incheon Startup Park will operate support programs for startups at various growth stages in connection with Incheon Global Campus, Incheon Creative Economy Innovation Center, and Incheon Robot Land.

The Incheon Free Economic Zone Authority also plans to focus on fostering logistics, tourism, and distribution industries to make the Incheon Free Economic Zone a hub for the service industry.

In cooperation with Incheon Port Authority and Incheon International Airport Corporation, it will promote investment attraction for the 'Golden Harbor,' a complex tourism zone behind the new international passenger terminal in Songdo District 9, and the Aam Logistics Complex, as well as establish a 'Cold Chain Cluster,' an ultra-low temperature logistics complex utilizing LNG cold energy. It will also actively pursue attracting a Global Distribution Center (GDC) linked to the Yeongjong Airport Economic Zone.

In addition to the three existing or planned integrated resorts on Yeongjong Island, three more will be added to cluster the resorts, and efforts will be intensified to develop the Yongyu-Muui global marine tourism leisure complex, including Yongyu Ocean View and Muui Solair.

To realize a global business hub city, the Incheon Free Economic Zone Authority plans to attract five additional foreign universities to expand the second phase of the Songdo Global Campus and continuously attract domestic and international research institutions. This aims to establish a global education and research development base. Furthermore, it will strengthen the competitiveness of the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry by promoting the third phase of the Songdo Convensia project, a four-story building covering 8,500㎡.

A bird's-eye view of 'Art Center Incheon.' On the left is the first phase concert hall opened in 2018, and next to it, the museum and opera house will be built by 2025 as part of the second phase project. [Provided by Incheon Free Economic Zone Authority]

To transform the Incheon Free Economic Zone into a cultural space filled with arts and content, the second phase of the 'Art Center Incheon' project will complete a complex cultural space equipped with a classical hall, opera house, and museum. Additionally, clusters for video content production and professional workforce training, such as 'i-Pers Hill' and 'Cheongna Streaming City,' will be established.

The Incheon Free Economic Zone has so far attracted $12.8 billion in foreign direct investment (FDI) (based on reported figures), accounting for 70% of the total $18.3 billion invested across the seven free economic zones nationwide, serving as a role model for investment attraction in South Korea. In particular, by attracting 15 international organizations including the Green Climate Fund (GCF), establishing the world's largest bio-pharmaceutical production base, and attracting advanced industries, it is enhancing its status as a global city and emerging as a growth base for high-tech industries.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "Since the Incheon Free Economic Zone was designated as Korea's first free economic zone in 2003, it has grown to a level that attracts global attention." He added, "However, as the policy focus of free economic zones shifts from 'development and investment attraction' to 'creating an innovation ecosystem for domestic and foreign companies,' and as the economic structure changes due to the 4th Industrial Revolution, activation strategies suitable for each economic free zone, such as Songdo International Business District, Yeongjong-Airport Economic Zone, and Cheongna International Business District, are necessary."

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